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According to your motherboards manual, you have a bad processor.
18) CPU/VGA/DRAM/BOOT (Status LEDs) The status LEDs show whether the CPU, graphics card, memory, and operating system are working properly after system power-on. If the CPU/VGA/DRAM LED is on, that means the corresponding device is not working normally; if the BOOT LED is on, that means you haven't entered the operating system yet.
If you have access to another processor, swap it out to see if the old process is really the problem.
Or take it to a service center to have the processor and motherboard checked out.
Arctic is right, however I would try reseating the processor first.