I'm fixing my best friends computer, and he just spent $1300.00 at tiger direct building this thing. The problem is the thing keeps powering off and on, then the system stays on (for an unknown amount of time). It does this about 9 or 10 times. I don't know why it does this either. I've never really seen a problem like this before. I really don't know what can be causing this.
If that doesn't work, try flashing the BIOS. It could just be trying to boot at default settings and failing... BIOS might not recognize that CPU without an update.
I'm kinda wondering if the Ultra PSU is the problem. Now don't get me wrong, I've had ultra PSU's before and they were actually a good unit for me. But I'm not so sure that Ultra actually has enough juice to push both those cards. Also, do try the bios update. But one quick test for the psu theory, remove one card and see if it still acts that way.
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