Asus P9X79 WS mobo memory LED is illuminated. Won't boot.

[mncd]

I have a system that recently died. It will not boot at all. It's a Asus P9X79. I get a 01 Q-code which doesn't mean much. I noticed that the diagnostic lights mentioned in the manual are not going through their full cycle... from CPU to RAM to video(I think) then to HD. My system lights up CPU and then it goes out and the blue LED for RAM comes on and stays on. I took out all 4 sticks and tried them one at a time. Results were always the same. What does this LED pattern mean?

Anyone have advice on what to do next? Is the mobo dead?