Steps 1 to 3 are a good discription of a unit with AC restored and the BMC booting.
Steps 4 to 6 are the start of the DC power-on phase of the main processors.
Steps 4 & 5 are the normal, but a "hang" is not.
Do you get any POST LED activity after Step 4?
If so which of the 8 POST leds are lit when teh system hangs?
You can try a CMOS clear http://download.intel.com/support/motherboards/server/s5000pal/sb/s5000pal_s5000xal_tps_r2_0.pdf Pg 60
which will do a global restore to the BIOS defaults settings.
After substituting everything I substituted the PS. The board now goes through power up on the bench. The next step is to move the board and PS back to the 'cabinet'. Can someone reccomend a good standard PS for these boards. They are sensitive to PS, a clean supply is necessary for reliable operation. Thanks, Dan