Better get a replacement if the mobo is under warranty.
Thanks for the response. I take it as normally not much can be done with the existing mobo to remedy it. I cannot afford to wait for the long replacement process, so I will go to a local (Boston) Micro Center tomorrow to get new set of mobo/CPU. Reinstalling everything will be a major pain.
Have you tried different ram cards, removing the hard drives and booting, resetting the bios?
I have pushed the "Clear CMOS" button a few times.
Windows 8 froze and showed a message saying it was collecting information because there was a hardware problem (I do not remember the exact message) after the update process finished erasing and when it was writing.
Anyway, I got an Asus motherboard and an Core i5. The system is working fine now.
Thank you for all the tips. I think the lesson learned from this is that for motherboards supporting AMD CPU, one should try to avoid running a Windows update application. I believe some Windows security feature ruined my update process. The safest way to update BIOS is USING a flash drive.