Oblivious I would think the bios should be fairly recent with a new board anyways.
I don't know, my ASUS board (M3A) came with a fairly old BIOS when i got it. It was the version that board was originally shipped with, which was several revisions outdated, and only supported a handful of CPU's.
Mistress of Support
22nd November 2005
Personally, before doing anything else (especially before ordering extra parts!) I would uninstall the motherboard from the case and rebuild your machine on your workbench (do it on a wooden or plastic surface, not metal)
Now see if your rig starts up on the workbench.
No seriously, there is a real reason to try this, its not a stab in the dark or a random guess.
My guess would be that two or more pins on the back of the motherboard are in contact with the case somewhere, which is causing them to short. That would explain why it will power on but not boot, that what I'd expect to get from that.
Try that, and then let me know if I was right or not. I'm fairly sure it's the problem, and probably caused by incorrect installation of the spacing pins between the motherboard and the case, but that's a bit more of a guess.