I'm having a similar problem, except that the board lights do come on when I apply power. They are first green (or blue at least once) then they eventually turn to a slowly blinking red. Resetting CMOS doesn't do anything, nor does pressing the onboard power switch. 

I've pulled the mother board out of the case, so this is with a bench test with only the 24 pin board power and 4 pin CPU power connected. I also pulled the heatsink off the CPU - the thermal paste had leaked over the edges of the CPU, so I cleaned that up. The CPU pins seem OK, not bent, and I checked to make sure the CPU was installed correctly.

I tried another power supply and got the same behavior.

Dr Debug is not displaying anything - no code, not lit up at all...

Any other ideas about what I can do? 

thanks,

tim