Yes it sounds like you have short problem, most likely you have an extra stand off on the back plate touching the back of the board in a place where it should not be. I would have a check like alexoiu says, buy taking it out of the case and sitting it on a card board box for a test. I would take a look at the Cpu temps and if the heat sink and fan are sat right on the Cpu and fitted right it may be over heating is the cause of the Bsod.
Have a check that the memory voltage or the ram sticks is set right in the bios of the board and the timing and speed values of the memory are set right also in the bios.
Thanks everyone for the quick replies, I appreciate the help. At weaselman's and alexoiu's suggestion I pulled the motherboard out of the case and onto it's box.
There must have been some shortage in there as now the CPU red light doesn't stay red, but the DRAM light is on and PSU's fan spins shortly then stops. These current symptoms was what I was experiencing last week with my old case and PSU (except the psu fans didnt stop spinning).
I tried using both 1 stick of my old ram and 1 stick of my new ram. I placed them 1 at a time into 1 of the 4 ram slots with no difference. I also unplugged the power from the PSU, waited few minutes, then reset the CMOS using the pin. No affect.
I tried to use RAM thats 1.5v and works on my gf's Sabertooth 990FX (same model). The DRAM light was still red, I held down the MemOk button and it eventually it would boot up and go into the BIOS. While I was in the BIOS, I just exited out and let it reset. It then reset, the DRAM light was solid red again.
I called ASUS and described my problem and he suggested it was the motherboard. So I'll reply back to this thread on my results after 5-10 business days when the RMA is back haha. It's a bit frustrating, since this is the 2nd RMA of my motherboard.