Help needed with Asus Rampage Formula

[setupandhold]

System Specs:

ASUS rampage formula and Q9450.
2 x 2GB - TWIN2X4096-6400C4DHX Corsair DDR2 800
Asus 4870 1GB
PCIe 1x version of the Creative SB X-Fi

Memory related setup in BIOS (these are settign recommended by Corsair for this mem kit):
DDR2-800 at 2.1V
4-4-4-12

Also:
Disabled PCIE, CPU spread spectrum.
Disabled LLC.
Disabled on board audio and legacy USB.

Board came with BIOS version 0408

I placed a 2GB stick of RAM in slot B1 and after POST I got a "Overclocking failure. Please enter setup using F1". ASUS LCD poster was showing INIT ROM.
I powered down and reseated the memory and after this did not get this issue. Ran MEMTEST86+ ver2.1 for 2 passes and no failures. I proceeded to test the same stick with MEMTEST in the other slots A1, A2, B2 and did not see any issues.

Now when I put this stick back into slot B1 I get a "Overclocking failure. Please enter setup using F1" message again after POST. Updated the BIOS to 0701 which is the latest version on ASUS website and still get the same issue. Also tried re seating the mem stick and no luck. I know it worked once earlier but now I always get this message.

The catch is that after I get this message I hit F1, go into the BIOS and then quit without saving and reboot. This time the machine boots up fine. I once again run MEMTEST on this slot (slot B1) and did not see any errors during the test.
I tried to move this stick of RAM into slot A1 and get "Overclocking failure. Please enter setup using F1" message again after POST even for this slot.

I have another machine with a similar setup and it has the 0410 BIOS. So as a last resort I have flashed to the 0410 BIOS. Now I have tried slot A1, and slot B1 again and randomly see the same message.
Put in the 2nd 2 GB stick of RAM. So slot A1 has 1 stick and slot B1 has another. And motherboard gets stuck during POST after DET RAM (this is showing up on the LCD poster). clr CMOS did not help. Had to remove the 2nd 2 GB stick (I had tested this stick earlier and it had a bad bit but the motherboard would still POST).
Sorry for the long post.

Right now on 0410 BIOS version only 1 stick of 2GB RAM is going through POST and I randomly get the Overclocking failure. Please enter setup using F1" message . 2 sticks and I get stuck at DET RAM.
On the 0408 and 0701 BIOS versions I randomly get a "Overclocking failure. Please enter setup using F1" message after POST.
In all cases even after I get the Overclocking failure message I can enter BIOS, quit without saving and continue to MEMTEST.
Just wanted to ask if anyone else is has seen a similar issue. I guess I need to RMA this motherboard? Definitely need to RMA the RAM as one stick is failing in MEMTEST. Any suggestions of anything I could try before returning the motherboard. I am out of ideas.

 

[setupandhold]

Update:

Removed the sound card. Basically now have only the memory (1 stick of 2GB DDR2 800 4-4-4-12 @2.1V), CPU (Q9450), Graphics (ASUS 4870 1GB), HDD, and a DVD drive. PSU is Corsair 1000 HX.

Still get the Overclocking failed message randomly (moved mem to different slot and it does not matter). Investigating further and seems to be that every time get this message and go into the BIOS and look at the DRAM Voltage value (which I have changed to 2.1V but was reading back 2.16V) it reads back 1.872V even though the setting is at 2.1V. I played around with this a bit and basically changed it from default of 1.8V to 2.04 and increased in steps of .02 upto 2.1V and it would randomly give the overclocking failed message and when it would do that the DRAM voltage would always get set to default. So may be a compatibility issue with the RAM or a bad voltage regulator that is supplying the DIMM modules?

What is strange is the 2nd machine I have which is working fine so far has the same memory and the settings of 4-4-4-12 and 2.1V (it reads back 2.144V in the BIOS when set to 2.1V on the 2nd machine) work fine there without any issues. As of now I have ordered another memory kit (same make: Corsair) and will try with that.

Just want to rule out this being an issue with the motherboard (maybe the voltage regulator that is supplying the DIMM with power?). Any thing else I could try while waiting for the second memory kit to arrive?

Thanks.