I have downloaded and read the manual for your MB. It says it can run your processor. When you say it powers up, how far does it go? Does it get to the ASUS screen and stop there or does it get past that screen and shows a blank screen. Have you tried getting into the BIOS (Delete key i think)? If you are getting past the Asus screen and the screen sits at a blank screen it might be the hard drive is connected badly or dead. it could also be a memory problem. Without memory the computer will not boot. On your motherboard, between the pci slots, is a light that should be lit if the motherboard is powered up. If this is not lit up then the MB is not getting any power. You may have inadvertenly grounded the motherboard. If pulling all the connections( drives, memory, and power)and reseating them doesn't help it is probably time to pull the MB out of the case and see if you can boot it up on a cardboard box( pizza box). I hook up the following: HD, one stick of memory, power supply, keyboard, mouse, video card, and monitor. Be careful that components cannot slide off and cause problems. See if you can boot up to the asus screen or the bios. If you can get that far then one at a time start hooking up the cdrom drives, extra memory, and anything else your putting in your computer. Between each hardware install, REBOOT, so you can see if that piece of hardware is causing your problem. If you can get the computer to the point where you insert the windows cd and the computer starts to install on the HD, Let it install. You can disassemble it and reinstall the components back into the case afterwards. Be aware that if everything works out of the case then you probably had a MB short to the case. If nothing seems to work then it is time to RMA the motherboard back to where you bought it for a replacement board.
Just for your information, out of 7 Asus computer builds i've done lately 3 mb's have failed on me. So i tend to stay away from asus boards. That seems to be normal with Asus boards. When they work they work great, otherwise they just don't work at all.