Brand new does not mean good. Try this. Pull everything except the CPU, RAM and GPU. No HDDs or DVDs. Then go through each part one by one. FIrst I would say memory. If not, then reseat the CPU. If nothing else works then you might have to RMA the mobo.
If a RMA mobo does not work then I would say CPU, although its very rare for a CPU to be dead but it can happen.
Heh Guys, any word on this? I have almost the exact configuration and have the same issue. Went back to store today and exchanged motherboard and had them post test it and it worked. But once it's in the case, same issue, red cpu light. My next thought is either the motherboard screws or the 950 watt power supply.
Same issue even after getting the mobo RMA'ed. Could it be the CPU? How can I test/tell? PSU tests out ok - I only run the mobo with RAM and video - even tried to run it without video - same result, no POST beeps or anything.