Try booting with no memory. The book says you will get 3 beeps with no memory.
Once you get the BIOS you'll have to goose the memory voltage up a little for 4 Gigs.
That BIOS reset jumper is a bit tricky, I remember having some problems with it. My Badaxe2 took a long time to get going too, but it hasn't given me any problems in a long, long time.
Your friend who gave this to you, did he have it running nicely before he gave it to you? Did he put the latest BIOS in it? Did you get the book with it? Did it come with the CPU or did you put it in?
Throughout all the problems I had when building this thing I have not RMA'd the board. I have all the parts I started with except the video card which died a few months ago.
Old one- D975XBX2, QX6700, 6Gigs Corsair DDR2, 8X500Gig HDD's, 470 GTX , Koolance EXOS2, 24" BenQ, Win7 Ulti.
New one- Asus Z77 Sabertooth, I7 3770K, EVGA 670 GTX, Crucial M4 256GB SSD, 2TB WD Caviar Black, Corsair H100, Corsair Vengeance 16GB, Corsair 850 PSU, Corsair 500R case, Win 7 64bit Pro