I just checked your motherboard manual, and that card SHOULD be compatible (although your board only supports up to 4xagp, the card is backwards compatible.
I believe that beep code is saying video card failure. What bios does your system have? Award?
Also, what kind of PSU do you have in there? How many watts, and who is the maker? If it is not a dead-on-arrival card, it may simply be that it isn't getting enough power.
I would also try updating your chipset drivers and bios.