AX4C Max II help

I'm building a system with the AX4C Max II motherboard:
- Intel Pentium 4 3.0Ghz CPU
- Corsair 512MB PC3200 RAM (tried 1 and 2 sticks)
- Western Digital Corsair Drive (IDE)

When I plug the system in (before switching it on), the STBY LED glows red. When I apply power, the BOOT LED also glows red, the fans turn on. Nothing else happens - nothing on the screen - monitor stays asleep. No beeping.

I tried clearing the CMOS - same result.

Any ideas? I've swapped memory and power supplies with no luck. What does the BOOT LED indicate?

Thanks.