I had similar problems with an Asus A7N8X-E DL and Corsair PC3200LL memory.
There is some sort of problem with Corsair low latency memory compatability with Asus board.
Have a look at the official Corsair forum
www.houseofhelp.com.
You need to go in to you Bios. Advanced chipset features. Try the following settings:
CPU external frequency 166
CPU multiple setting leave to auto unless you are o'cing. Maybe later.
Cpu frequency multiple leave at standard default for now. Your chip is most likely locked anyway!
System performance : user defined
CPU interface : optimal
Memory frequency : 100%
Resulting frequency : should read 166mhz
Memory timing : user defined.
The following can be checked at the Corsair official site, but something like:
SDram active precharge delay : 7
SDram to CAS delay : 3
SDram RAS precharge delay 3
SDRAM CAS latency 2.5 (or maybe 3) to get you started
FSB SPread spectrum leave or disable if you o'c
AGP spread spectrum : disabled
CPU vcore leave unless o'c
Graphics aperture leave
AGP frequency leave for now
change nothing until
DDR reference voltage put this up to 2.7 (your memory is still warranted above this)
AGP voltage : put up to 1.6.
Now exit and save and I hope you have a working system.
Now look at the forums some more to get more info and you can tweak more to re-tighten your memory settings.
Good luck.