Help Needed, E1 Error Post

Just bought a new system and put it together. But when I power it on it posts FF for a couple seconds on the motherboards Error LED's and then powers down and powers back up. It then progresses through a couple posts and sits at 40 for a second. The next Post I see is E1. It just sits on E1 beeping a single loud beep over and over.

From what I've been able to find online it might be one of two things. Either there is a problem with the video card or the RAM. E1 is supposed to be an error code dealing with the RAM, but it doesn't mention any beeping accompanying the error post. And according to one site a 2b error code with beeping may not stop at the 2b and continue to post new codes, so that the Post you see may be E1 as that is the last post it gets to before it hangs. Which since it's not even booting far enough to ake it to the monitor it wouldn't surprise me if it was the video card.

I've tried switching the ram to various slots, one stick, two sticks, spaced differantly. Nothing helps. I've tested the monitor on another PC and it works fine. I've switched the Video card between both PCI-E x16 slots on the MB, unplugged and replugged in the power supply to the Video card. Unfortunately the other PC doesn't support the new Graphics card or PC3 RAM so I can't check either of those on another system. And since it all arrived brand new I'm dumbfounded on how to tell which piece is defective so I can get a replacement. If anyone has any ideas on a way to figure out if it's the RAM or the Video card or perhaps just my own inept assembly I'd greatly appreciate any help.