If you have a spare proc laying around, try throwing it in the board to rule out a DOA motherboard. If the mb works w/ another chip, then the problem is one of two things:
- DOA CPU
- need to update BIOS to latest version
One other thing you can try (i've run in to this problem myself). If your using corair PC3200 ram, try resetting the CMOS and putting in a stick of PC2700 instead of the PC3200 Ram. Then, go in to the bios and manually set the proc and mem FSB setttings. There is a known issue with some boards and initially booting w/ corsair pc3200...