New build, CPU fan + LED powers up, nothing else works

Hello everybody, I am trying to build my first PC and I encountered some problems. Any help is greatly appreciated.

Hardware:
CASE+PSU: iCAN PE-2001 Mid ATX Case with 350W Power Supply
CPU: AMD Phenom II X4 955 Black Edition (125W) Quad Core Socket AM3, 3.2GHz, 8Mb Cache, 1800MHz HT, 45nm (HDZ955FBGMBOX)
MOBO: Gigabyte GA-MA78LMT-S2 Socket AM3+ AMD 760G + SB710 Chipset ATI Radeon HD3000 Graphics Dual-Channel DDR3 1333/1066/800 Mhz 7.1- Channel HD Audio Gigabit LAN 4x SATA 3Gb/s 12x USB 2.0 Micro ATX
RAM: G-Skill 2GB DDR3 1333MHz (2 sticks of ram so 4GB total)
VIDEO: Asus EAH5450 SILENT/DI/1GD3(LP) ATI Radeon HD 5450 Chipset (650MHz) 1GB (800Mhz) GDDR3 Dual Display DVI/HDMI/D-Sub PCI-Express 2.1 Graphics Card

Problem:
Computer powers up, CPU fans spin, HDD and CD drives both power up. Monitor is a blank screen (and power light on the monitor keeps flashing like its sleeping). Also there are no beeps.

What I tried:
- Made sure motherboard was sitting on pegs properly (no short anywhere)
- Removed the RAM.. no beeps
- Removed the CMOS battery and put it back in, no luck.
- Reseated processor, checked for bent pins
- Monitor + VGA cable works (using it right now)
- Removed Video card and I'm using on board VGA now

At this point I am fresh out of ideas, and I really dont want to think the motherboard or CPU is fried :( Any ideas would be greatly appreciated, and thank you to all responders in advance!
 
The thing that really sticks out for me is your power supply. If this came with the case be aware that with few exceptions most are junk. And with your hardware list I am highly doubtful you have enough power.

Utilize the following: http://extreme.outervision.com/psucalculatorlite.jsp

Also, did you disable the onboard video in your BIOS since you have a video card installed?
 
Thanks for your reply :) I tried the website you suggested and it showed me 250W. I will go out and get a new PSU tomorrow. But just in case that's not the issue, are there any other suggestions?

I didn't disable on-board video since I can't even get into the bios, all the parts are new, since I can't see the screen I can't do much about that :| however I tried connecting the monitor to both the on-board and video card, no luck with either. So now I took out the video card and I'm using the on-board VGA port.
 
I didn't disable on-board video since I can't even get into the bios, all the parts are new, since I can't see the screen I can't do much about that :| however I tried connecting the monitor to both the on-board and video card, no luck with either. So now I took out the video card and I'm using the on-board VGA port.
 
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