I've solved my problem. It turns out the motherboard had version 1.3 of the BIOS. This version doesn't support the AMD x6 T1055 CPU. Went to my computer store (FRYS) and picked up a x4 925 (support by the initial release v1.0, cause I didn't know my board had v1.3 at the time) and the system booted up fine.
Updated the BIOS and my T1055 worked just fine. One other thing to note is that by default this board doesn't support 1600Mhz memory by default. You can change it to run at this speed by changing the timing with Z-Memory and setting it to 1:4.