Help with my new comp. Need to identify problem

I recently bought a new motherboard, cpu, and memory. having done this quite a bit, I figured everything would go something. How stupid of me to assume nothing would go wrong.

Anyway, here is the problem. I have a pentium core 2 duo E8400 on a Biostar GF7050V-M7 (I was on a budget, so I got cheap stuff) with a 2 gig stick of some unnamed OEM memory (667 mhz). I put everything together and I get nothing when I turn on the computer. Everything is powering up; fans are spinning, lights are lighting, but no display and no response from anything.

My first thought was that the mobo wasn't compatible with the e8400, but I read a post from another site reporting performance with this cpu/mobo combo. Apparently they should work, but if it requires a bios upgrade I'm screwed as I have no other cpus to switch out. So I thought that maybe the memory was crap, but I got no way of testing that theory either.

I'm trying to figure out where the problem lies so I can replace the right part. Thanks.

Usually no video comes down to the one of the major components . check the psu and try a differnt vid card. What kind of PSU do you have? Is it powerfull enough and or how old is it?
Ifried a comp once on a build from plugging the power cord into the wall first then the psu(If you hear a zap you just lost a thousand bucks) thank god for good rma support from ASUS,INTEL and eVGA.

look for a bios version sticker on the motherboard and then check the manufacturers website to see if it supports your cpu. If not, no need for further worries. Get it flashed or swap parts.

Thanks for all the advice. I'm going to try all these things once I'm home from work.

BIOS updates seem to be the consesus. The problem is, how do I update the BIOS if I can't get the system to boot? I'm it a bit of a pickle here it seems.