I'm just checklisting based on my experiences.
Check if PowerSupply, videocard, memory and processor are properly seated. Try just one stick of memory in case there is a conflict of memory types.
Check for short post that the MB is mounted on . Possible electrical short?
Are there any memory slots not in use? Which one? If so, some systems require DIMM1 be used or that may happen.
There are beep codes on the web and on some board manuals. I'm afraid, I lost that link when I upgraded a couple of times back. However I did find some beep codes on Google Search. What bios are you running? I don't know if the beep codes are universal. Award and Phoenix BIOS companies marged, but I don't know when that happened or if the codes were differnet when your BIOS was built.
http://www.hardwarecentral.com/hardwarecentral/tutorials/13/3/
--------
Here is an article on beep codes that looks promising:
http://www.pcguide.com/ts/x/sys/beep/index.htm
It says AMI BIOS - 3 Beeps: Base 64K RAM failure
Explanation: There is a failure of some sort within the first 64 KB of system memory
http://avenir.dhs.org/windows/hardware/beepcodes.html
Every working computer must be improved .... or replaced ...