The thing is, wouldn't the PC Speaker beep continuously if the card was defected?
I just tried another PSU, same brand but more powerful, and I got the same result. Shame I don't know anyone with another AGP motherboard or I'd try that. Guess I'll just send it back to the store and ask for a new one.
Anyway, you guys have any idea why It took a couple of boots for everything to work fine after going back to the old card?