Thanks for the reassurance guys! As someone suggested in a different thread, I put the cpu back in the old mobo (duh!) and it worked! So in the old mobo with just the cpu, speakers and psu plugged in I get the 'system failed memory test'. BUT in the NEW mobo with the same plugged in I don't get anything! So it's gotta be something with the mobo.
I just called ASUS, the tech said that the mobo probably doesn't have an updated 'bios chip', and therefore isn't compatible with my cpu yet. I've never heard of this before, does this seem logical to you gurus?? <- Looking for more reassurance

Thanks.