Problem with computer power up, Bad CPU?, Mobo? or PSU?, :(

Hello all,

I have just recently purchased a new setup consisting of a;
ASUS P5W DH deluxe motherboard
Conroe core duo E6600
OCZ GameXStream OCZ700GXSSLI ATX12V 700W Power Supply

I have just finished constructing the PC
I believe all cables are properly connected and I do not believe I have overlooked anything.
THe problem occures when I hit the power on button, when I do the blue leds on my powersupply flash, fans start to spin, but stop immediately, I hear a small burst of electricity, and the blue leds on my power button itself flash for an instant.
It is important to note that as soon as the motherboard is plugged into the PSU a green light which indicates it is connected lights up. It stays on during my attempts to start up the system and only shuts off when the psu is tripped off, either unplugged or switched.
This makes it sound... at least in my opinion, that
A. the power supply is dead
B. there is a short which is tripping the powersupplies auto shut off instantly when I attempt to turn it on... dunno what is wrong, I've checked cables a dozen times over and over....
C. ....

Here is my system summary via newegg;

XFX PVT71JYPE7 GeForce 7950GT 512MB GDDR3 PCI Express x16 Extreme Edition Video Card - Retail
Item #: N82E16814150199
Return Policy: Standard Return Policy $299.99

ASUS P5W DH DELUXE/WIFI-AP Socket T (LGA 775) Intel 975X ATX Intel Motherboard - Retail
Item #: N82E16813131025
Return Policy: Standard Return Policy $249.99

CORSAIR XMS2 2GB (2 x 1GB) 240-Pin DDR2 SDRAM DDR2 800 (PC2 6400) Dual Channel Kit Desktop Memory Model TWIN2X2048-6400C4 - Retail
Item #: N82E16820145034
Return Policy: Standard Return Policy $279.00

Track 1 Western Digital Raptor WD1500ADFD 150GB 10,000 RPM Serial ATA150 Hard Drive - OEM
Item #: N82E16822136012
Return Policy: Standard Return Policy $224.99

Track 1 OCZ GameXStream OCZ700GXSSLI ATX12V 700W Power Supply - Retail
Item #: N82E16817341002
Return Policy: Standard Return Policy $154.99

Track 1 LIAN LI PC-V2100APlus II Silver Aluminum Server Computer Case - Retail
Item #: N82E16811112063
Return Policy: Standard Return Policy $299.99

Track 1 Creative SOUND BLASTER X-Fi Platinum 7.1 Channels PCI Interface Sound Card - Retail
Item #: N82E16829102190
Return Policy: Standard Return Policy $178.99


Track 1 Intel Core 2 Duo E6600 Conroe 2.4GHz LGA 775 Processor Model BX80557E6600 - Retail
Item #: N82E16819115003
Return Policy: Processors (CPUs) Return Policy

link to psu; http://www.newegg.com/Product/Produc...82E16817341002
link to motherboard; http://www.newegg.com/Product/Produc...82E16813131025

Can anyone please help me with this problem?