I was having the same problem, and Justin was trying to help me also trouble shoot it when he got the same error. I'm not sure if he had all the symptoms I had, so I'll enlighten the rest as to what happened to me, and maybe y'all can come up with some other ideas.
After receiving the error, and it stated it would continue with loading defaults, give the system 3-8 seconds, and it would turn screen black. No response then until cutting power (switch wouldn't do it), waiting a few seconds, and trying again.
Tried three sticks of RAM (2-infineon, 64MB each, and one 128MB Micron). Neither would change the outcome.
I could get into the BIOS, and attempt to load defaults, and...same thing, it'd even lock when staring at the BIOS screen.
It was too late (I had already shipped board back to the seller for a replacement) for me to try looking at the BIOS chip itself, and seeing it could have been reseated. That might have some merit, I don't know. However, I know that I tried all that I could think of, and nothing worked. Even reseated CPU twice (had no other CPU to use to test).
Any more ideas that could be tried?