GA-EP35-DS3L New Install Issues

I just put together a new system and when I hit the power button, nothing appears on the monitor and there is a long continuous beep from the mobo. I have reseated the video card and ram thinking that could have been the issue but had no luck. I also pulled all of the connections from the power supply and reconnected them. I have even tried to boot the system with nothing but the CPU, RAM, and video card installed...no HDD or media drive.

New Components
Gigabyte GA-EP35-DS3L
Intel E8400
Corsair XMS2 2x2GB RAM (TWIN2X4096-6400C5 G)
nVidia 8800 GT

Used from the old system
WD 250 GB IDE HDD
600W PS
DVD Burner

Not sure if this will help or not, but there is 4 lights labeled PhaseLED that come on as soon as I hit the power button and stay on for about 10 seconds or so. In order to kill the power I have to hold the power button down for 3-5 seconds. If the PhaseLED lights turn off before I attempt to kill the power the lights will flash once while when the power is killed.

I am completely lost on this one! Any help would be greatly appreciated.