So the red LED on my board keeps coming on. The manual does not state what the red LED means? Does it mean the processor is overheating? Coretemp is reporting around 40C on each core and the red LED is still on. 

Yes it's connected. I don't think the computer would even turn on if the CPU 8-pin wasn't connected?

Your first post indicated that the board is still POSTing and getting into Windows.  Are you having any other issues beyond seeing the light?  Similar to what bob16314 asked, does the light go out after a second or two?
 
Also bob16314 stated, it's usually a light that deals with an issue to the processor or the socket.  Bent CPU pin, CPU overheating or improperly installed cpu, thermal paste in the socket, etc.  Most of the time, however, it's due to heat or temps.  You should take a look in the BIOS also to see what the temps are as you're booting up.  Sometimes gently loosening an aftermarket heatsink can also help.  

I seen your slight overclock with that Vcore, but doubt if that hurt the CPU any..Like NordicJedi said, check the CPU socket carefully for damage/contamination..You could try pressing on the BIOS chip to make sure it's seated, dislodge it slightly with a suitable tool and reseat it a few times (oxidation on the pins has been known to happen on aged boards)..You could take the mobo out of the case and set it on a table, then remove the CPU cooler and backplate and see if it boots..Just rest the cooler on the CPU by hand if the light goes out and it tries to boot and see if it boots all the way normally.
 
Try another CPU if you have/can get ahold of one..If not, the simplest thing to do would be to just take it to a repair shop and have them quickly put another CPU in it and test the PSU output..If you have a digital multimeter and know how, you can check the PSU output yourself..You can find the simple instructions and ATX12V pinout charts online from many sources.