Have you tried EVERYTHING in the "READ before posting about boot problems" sticky (link in my signature)? If not, go there and do EVERY step. DO NOT SKIP any of them, each one has a point. After doing ALL steps, come back with any changes and results.
On to my guess to what's causing the problem. It's entirely possible that the POS PSU you used the first time destroyed your board when it died. It doesn't help that you bought another POS unit either. Do you have another build that you can test parts with?
I have two sticks of Corsair PC-133. I have tried using one sitck in each slot, and I have tried it with both sticks in and I still get no video out.
The red light has always been on since day 1. It just shows that the MoBo is receiving power. I have downloaded the user manual, and it never mentions the light in in other that saying that is is labeled D16. Then it never says was D16 does.
make sure the monitor cable is plugged in securely. If you have another cable, use it and try again. The video should be showing....make sure every connector on the mobo is tight. Remove the video card. Also do you have the 20+4 connector? If you do, attach the 4 extra and see what happens
It is common to toast something else when a PSU goes.
A high quality CPU often has quick-blow fuses to protect the motherboard.
You are essentially in the zone of replacing components. If you have NOTHING on the screen it's quite possible your motherboard is fried.
Your PSU is setup correctly. It probably has enough power.
I think it is most likely that your motherboard fried. The EXACT same thing happened to me. I smelled burning and turned off my PC. Inside my PSU were scorch marks. Both my motherboard AND my audio card were dead too.