Ok, as usual, FULL system specifications, please.
if you using RAM that isn't on the supported products list, or 8 gigs and more,
leave only one stick in first slot.
you might have to use your buddys chip, to flash BIOS.
check if you powering board with 8 pin power, and video has sufficient power as well.
if one stick of RAM and Phenom works, update bios, and read trough Raja's RAM setup guide.
if not, well, you might have DOA board, but it's really unlikely.
good luck, keep us posted.
My ROG: MOBO: ASUS Crosshair V Formula | CPU: AMD 1100T Black Edition (O/C 4.125 GHz) | RAM: G.Skill Ripjaws 1600 4x4 GB (PC12800 842 MHz) | PSU: Rosewill 1000W 80+ Bronse
GPU: 2xEVGA GTX 560Ti 2GB VRAM | Primary HDD: Samsung 470S 128 GB SSD | Secondary HDD's: 3x WD Caviar Green 2TB Non Raid | ODD: Samsung BD-R/DVD-RW
Cooling: CPU: Corsair H5O with Push Pull Scythe Slipstream fans | Rest: GELID Ultra quiet closed loop fans. | Control: Zalman ZM-MFC2