P4T-E not posting

I have one of these boards which runs the fans fine, LED is on properly, and
the HD spins up but the system will not post and no video signal and no
beeps. The PS voltages look great (measured with a meter) and with all of
the cards and drives pulled, I still have no beeps. The HD light stays on
and I have tried reseating the CPU and RAM. I am down to a possible MB or
CPU problem. The only history I know of the system is that it was locking up
with regularity before the no POST problem occurred. I measured the voltage
on the CMOS battery and it is at 3 VDC. I just wanted to see if I am on the
right path with the MB or CPU problems. I guess that I just am too stubborn
to believe that the MB is gone. Thanks for any thoughts.

John O.