Then, if the CPU led still red, it's either a motherboard or a CPU issue. I suggest having them tested at a local shop or RMA-ing them both. How did this happen? Have you overclocked? Did you try clearing the CMOS?
I took the motherboard out to install the Wifi card... but I saw some sparks when I accidently almost installed the card backwards. I wasn't too sure if I should have the Wifi card on the motherboard and left it out. When I come to boot up my system again, I get a red LED for the CPU.