tj89890 :
Thanks for the reply. Before I invest more time into this, how can I be sure it is a BIOS problem? Isn't this BIOS issue software related? I never tried flashing my BIOS in the past. Could you please explain how a BIOS can become faulty on its own? Thanks.
I would advise not to touch the bios unless you have a good reason to believe it is actually faulty. to Flash it you need a stable system, if the unit crashes half way though there is a good chance of a scrap system board. (unless you have a BIOS backup / restore function on your system board)
unplug every thing, so just your CPU, PSU, Motherboard. listen for beeps. These are BIOS error beeps . As you have no memory in and video card in atm this is normal. - you get lots of beeps. if you get beeps your mainboard and cpu are working and your power supply is still working (but still may have a fault) If you don't get anything out of the system (fans are not spinning, no beeps ect). Then you have an issue with either PSU, CPU. motherboard.
Take spare PSU, any will do at this stage as long as it fully populates your mother board power connector. what happens?
if it powers up its you PSU replaced rebuild happy days.
If it still fails reset BIOS to defaults use the onboard jumper to clear CMOS, or remove the CMOS battery and wait a few mins. try power it back up with the spare PSU and the original PSU. if this gets it running (fan's on beeps ect.)
Now plug in Memory, re power up. Still beep or dead?
Now plug in your graphics card remember many need a lot of power to run, but many even with the extra power connector not connected will power up and display something. if you choose to power up with out the extra power connector don't run it in to windows or for to long.
by this time you should have a good idea of what is up with the system.
N.B.
Updating firmware for no real reason is not a good thing to do. only do it if you know that the update will fix a problem you are having (listed in the readme file that comes with the download). If it goes wrong it can destroy your Mother board for no good reason...