Practically Brand New PC wont boot!

Hi guys, I'm fairly new to the site so bear with me here  

I've recently bought a brand new computer, well almost brand new, I'm still using my old harddrive, but everything else is new. that includes PSU, Graphics card, motherboard, CPU, and RAM.

After assembling all the pieces together, I plugged in the the power and the monitor and everything, and upon turning the power on the first time it posted, and everything appeared to be normal, but there was no video. I thought it was because i was using an apple monitor which had preexisting incapabilities of showing BIOS and the pre-BIOS video, so i switched monitors to a standard VGA monitor, yet there was still no video.

The second time I booted, (just a restart) there was an unusual system beep, 4 short beeps after 1 long beep. according to my motherboard user guide, that corresponds to a "Hardware Component Failure". I searched online and was advised to try on board memory, and switch up the ram (i.e. take 1 module out, change slots..etc) but neither solution helped at all.

Now on the third attempt at booting, the CPU stock cooler started to run ridiculously fast, and I mean ridiculous. It sounded like a B-52 was taking off right next to me, followed by the distinctive smell of burning plastic, extremely worried, I instantly turned the power off, and searched online for cases of extremely fast CPU coolers. one source insisted that it was a capacitor problem and told me to check for and leaking/swollen capacitors, but as of now, I have not found any.

Now the LAST time I tried to boot, the CPU starts RIDICULOUSLY fast again, but suddenly the whole rig turns off, but 2 seconds later it turns back on again, and once again the CPU fan runs at ridiculous speed.

A long time ago, I used to have a problem with my rig turning off right after booting, but then turning itself back on again shortly thereafter. it turns out that that was a motherboard problem. which leads me to think that this might be a motherboard problem.


My components are as follows:

Motherboard: Asus P8Z68-V - *BRAND NEW*
CPU: Intel Core i7 2600 - *BRAND NEW*
Ram: Kingston Hyper X 4GB pack (2 modules) - *BRAND NEW*
Graphics Card: XFX Raedeon HD 6970 (2GB GDDR5) - *BRAND NEW*
PSU: CoolerMaster Silent proM 700W - *BRAND NEW*

with the CPU cooler being the stock cooler.

sorry for the long description, but I just want to make sure I give as much information as possible  

Please please please, if anyone could perhaps point me in the right direction, or at least advice me what part to replace I would be truly grateful.

Thanks