Memory test failure after flashing BIOS

I recently performed a flash update to my BIOS (Phoenix Award WorkstationBIOS) and now when my pc boots up it makes it to the Windows XP loading screen and then reboots.

If I boot into BIOS & disable quick POST & then re-boot I get a memory test failure. I have two memory modules. I tried each one individually and it appears I only have the problem with one of them. Before I flashed the BIOS the pc worked fine.

The other thing I notice now is, when I boot up my pc, I hear a single short beep just after pushing the power button. This happens if:
1) I have both memory modules installed
OR
2) I have the one good module in.

If I try booting up with the alleged "bad" memory module (innocent until proven guilty 8O) the pc turns on but does nothing else. No beeps, no on-screen errors, nothing.

Additional info-
2- Kingston 512MB DDR 400 (PC3200).
Intel Pentium 4
XP Pro SP2

Anyone run into similar problems? If additional info is needed I'll try and provide.

Sometimes it doesn't wipe them out. You should always reload the BIOS settings from "fail-safe" defaults after you flash the BIOS. In any case, it seems like you have a defective module there.