Dear Branchu,
I am very sorry to hear that you are having a problem with your system. I can confirm that this behavior usually means that the board is unable to initialize the graphics card or your monitor is not on the right input or working.
 
In order to narrow this down further please listen to the beep codes. If you received 5 beeps or one long and three short beeps around post code 26 this means that the graphics card is not detected.
 
If you receive 1 beep and then 7f this means that everything should be ok and I would hit the source button on the monitor and make sure that the monitor and cable are connected and working.
 
Please let me know if you should need more help and what type of post beeps you are receiving? chrisb@evga.com

Hi Branchu,
That should be 1 short beep.
 
It is not seeing the graphics card so I can recommend trying a different PCI-e slot on the board and if same behavior I would check the power going to the graphcis card and maybe try a different connector from the power supply to see if this maybe the issue. It maybe a failed graphics card but it is too early to tell for sure.

Branchu :  Since it appears you are having the exact same problems , regardless of which mobo is connected , I would revert to checking all of your system components before determining that the mobo is the problem.
 
Any time a crash occurs , where the system will not reboot or produce video to at least see the post sequence specifications , I check the cmos battery.  The cmos has memory , and if there is the slightest contamination or corrosion occuring within the cmos battery on the mobo , this can cause some of the IRQ's to be disabled or for them to not work.  This means , your HD may not be connecting properly (booting) , your video card/s etc.
 
Any time a reboot does not occur , I blame or question the condition or connections of the HD - especially where the HD has been used for years in a swap type situation where it has been working in 2 or more system cases.  Immediately , I start at the HD , and test the HD in another system I always have available.  If it boots up properly , I then change the battery on the mobo and reinstall the HD back onto the original mobo to note any difference.  At that point , if these 2 steps fail , I begin checking the video cards.  When it comes to video cards , or any plug-in type circuitboard , it is very important that used circuitboards receive a cleaning of the gold contact bars.  It is suggested by Microsoft , that you use a soft piece of eraser to gently wipe these gold connecting bars to ensure a 100% connection to power.  Alot of times , cleaning those bars , and blowing out any debris from within the PCI or PCIe etc. slots , makes it so that you have not overlooked or had a small piece of debris which is not allowing a proper connection between the circuitboard gold bars and the slot cinchpins.  It only takes a very tiny fragment of any material to cause a malfunction.
 
If your PSU tester proves that the PSU is working correctly , there is yet another method that I have found that works on older HD's that I didn't think could happen , but it does - I have repeatedly confirmed that this method defies logic , but works.
 
On older HD's where you are plugging in a molex connector , even though the 4 pins are aligned and properly inserted using the molex block , the pins inside are capable of being worn (spread open) enough so that at least 1 of the 4 round female tube connectors is actually set in place so that it is only around the male pin - but is not actually making contact , thereby there is no power or ground connected at that point.  When this is questionable (this is why changing to a different molex connector sometimes solves problems) , I pull out the molex connector and use a very small flathead screwdriver to pinch the gap in the round female connector (the slit) until it is closed.  Repeatedly , I have a couple of HD's that fail to boot , but do boot , if I reset the round female pin slits "closed" / tight.
 
I am still running my FTW3 mobo since I joined this forum , without any problems , and also have not changed the cmos battery - but it is possible to get a cmos battery that shows the correct voltage , while the insides of the battery may be slightly faulty.  A telltale sign is the crackling sound you hear , it may be coming from the cmos battery.   When it comes to cmos batteries , the manufacturers suggest that any discolourations that show on the outer surfaces are signs of internal corrosion or defects , even though the overall battery voltage measures correctly on a meter , the meter cannot determine the condition of the inner core.  I use an analog meter to watch if the needle swings or shows an intermittent reading at any time while the 2 probes (+ & - ) are connected and drawn slowly across the surface of the battery on both sides , both positive and negative.  If there is any fluctuation , this is a lack of "continuity" , which can cause any component to be skipped by the cmos memory in sequence of IRQ startup (enabled / disabled).  But , I always change the battery if the system will not post reliably anyways , and save the old battery for reference etc. unless it is obviously defective.
 
The exact same methods can be used to determine a malfunction in watches , clocks , cellphones etc. etc.  The batteries don't necessarily last forever , nor are they necessarily precisely equal in quality or performance.

Is your PSU an Corsair HX1000 by any chance?  If so, they are prone to early failure. The good news is that it should be covered under warranty.  I would consider that it might be a bad PSU regardless of what CompUSA has  said.  The only real way of finding out is to try a different one in there and see what happens.

My Psu is a silverstone 1000W evolution. I just finished testing it with a Psu tester and got no errors or alarms. Gonna throw caution to the wind and try a new gpu; was told I can return it right away if it fails. Wish me luck!

Success!  I picked up an EVGA Geforce GTX560 gpu, installed it, and got into BIOS and everything.  Typing this very message on my PC.  I gotta say, I love how quiet this new card is compared to my old one; almost can't even hear it.
 
Thank you everyone for your help!  I really appreciate it.
 
Now I've got nearly a month's worth of updates to finish installing.

7F is usually considered a good error. It means that you're stuck on the screen before going into the BIOS, asking if you want to hit F1 to continue or Delete to enter setup. If you consistently get 7F's, given what you've already tried, it's time to test another graphics card.
 
I tested my graphics card on another machine it was fine-   what fixed it was hitting F1  and/or DELETE ---   then my monitor came on again.