I would recommend taking the motherboard out of the chassis to discard any grounding issue.
Also try a CMOS clear as instructed at:
Make sure that the RAM is fully compatible, and try a different power supply.
If the issue continues I would recommend contacting the place of purchase for them to exchange the motherboard.
Thank you for your help.
I already took the mobo out of the chassis.
I tried to clear the cmos, same result.
Changed PSU, same result.
Changed RAM from 2 pairs of Corsair 1Gb PC6400 to one 1Gb stick Kingmax, same result.
I will have certified Kingston RAM in 3 days. I hope this will help.
No change with the certified RAM sticks. Replacement board is on its way.
It is quite a disappointment. This is my first intel board after so many years with Asus.
Same thing with the new board.
The only piece I could not test is another CPU. Do I have to buy another CPU as well?
Any suggestions would be appreciated.
It is very unlikely that the processor be the defective componet, but in order to discard it as the defective component without having to buy a new processor, I would recommend testing this processor on a friend's motherboard or by taking it to a local computer store for them to test it for you.