Since you think this problem started with a BIOS update, which method did you use to install the BIOS update? [Specifically, did it require you to rename
the update specifically for the MB model before using it and did you?]
I assume the Optimized Default settings are loaded in BIOS?
I suppose a clearing the CMOS procedure might help but I am not hopeful.
Yes, I would finally "update" the BIOS either to a lesser revision or attempt to reinstall the current revision. If this is a new MB with no boot drive (currently) then you should update via the onboard video without a video card present. Either way should work, however, with the BIOS' low rez video driver (VGA). ASUShttp://vip.asus.com/forum/view.aspx?id=20070215223109668&board_id=1Flashback
As for the RAM you have a MEMtest button. Or boot up memtest86
and see if it will run. There should also be a myriad of diagnostic aids built into that MB and listed in the manual.