Bad processor...2 (heat related failure)
Bad mobo.........1 (mobo may have taken processor with it)
It's going to be pretty tough to work in the BIOS with nothing to tell the machine what to do with the information and no video. Perhaps replacing the BIOS chip would be a way, but that really isn't done to much anymore...if at all.
I have seen processors take a last gasp before...usually right after doing something like resetting the CMOS or having it unplugged for a while. The only way to be really sure is to have it checked as a unit.