Have you gone for minimal hardware?
Like no HDD, no FDD, no CDROM? and no extra card or RAM at all?
If you run out of ideas the best thing to do is to test the parts in a known working PC...just be very careful how you do this
Test the RAM, CPU, PSU and VGA. If all pased then they are either not compatible with the M/B or you have a faulty M/B or just a config problems.