Was the system assembled using ESD precautions? Has the graphics card been connected to a PSU cable directly (assuming it has a connector for this)?
It'd be worth double checking all your connections IAW the motherboard product manual and for the lights that don't work try swapping the polarity around. It'd also be worth trying the Intel no boot wizard.
I would advise you to invest in a single 1GB DRAM stick and update to the latest BIOS before using 2GB modules. You may need to gradually update the BIOS versions rather than going directly to the latest version.
The BIOS RELEASE NOTES:
Added memory support for DIMMs with 2Gbit SDRAM density<-- in latest version.