PLEASE Help me. PC won't boot.

[mrjellybean]

My specs are a gtx 570, Asrock z68 Extreme4 and i5-2500k
I built my first PC today but it won't boot up at all. I tried with 1 stick of RAM in each slot, popped out the CMOS, everything I could think of. When I plug in the PSU I see the lights around the Ethernet port light up, but they only constantly blink. Is it my motherbaoard CPU or PSU that is the problem? IS there any way to test each part individually? Also if one of these parts are defective can I exchange it at newegg?
Please help me I've been looking forward to this for months and now it's a nightmare.

I tried playing around with it and when I left the PSU in something started smoking, but I couldn't tell what. How can it start smoking when nothing turned on at all? It also doesn't boot up when I press the power button on the motherboard as well.

 

[MyGodAL3X]

If it smoked, i say replace your PSU, they aren't worth tinkering with.
If newegg gives you the option of exchanging it great.
Also do you have indicator lights on your motherboard, those are very helpful.
If you do, when you have a new PSU, hook everything up, power it on and check the indicator lights.
Compare them with your motherboard's manual to see if you get any errors