Hi Sukebei and WildWillow,
Been reading through the ordeal you have been experiencing, and thought I would throw out a few thoughts.
It definitely sounds like a short, but one of an unexpected kind. Sukebei mentioned earlier that he plugged in the power supply extension cable that came with the motherboard ( a set of three cable connections on one extension, a 6 pin connector with two 4 pin molex connectors) to the power supply cabling. Make sure that you haven't connected power to both of the two molex connectors. That would create a double feed to the single six pin plug. There should only be one power connection to one of the molex's; the remaining molex should be empty (see below.) If that isn't the problem, then check all connections as suggested below...
Check your hardwired cabling from the power supply (usually a power supply has some hardwired output cables coming out of the bottom of the power supply, and some detachable cables that are added-on or plugged-in to extra ports on the power supply itself, as needed.) First check the connections to the motherboard, and second, look for connectors being mistakenly routed back on each other (btw, each hardwired cable coming out of the power supply should have a label attached to it listing the type of peripheral or connection it is set up to handle.)
Make sure that none of the hardwired power supply cables aren't inadvertently connected back back into the power supply.
The two molex connectors attached to the six pin connector, for example, are set to allow power from one molex connector to be routed through the six pin plug used to power the graphics card, leaving the second molex connector available to provide power to another device. Usually the second molex connector is left unoccupied or empty since the main reason for attaching the cable assembly in the first place, is to provide power to the graphics card power-in port.
Everything coming from the power supply is just supposed to provide power out to some peripheral connector or to the motherboard via its primary input connectors. After you have completed power connections to your motherboard, to the SATA drives and your optical drive, you probably will end up with a lot of extra connectors left over.
Some of the add-on connectors are able to be inadvertently reconnected to the hardwired cables creating a loop.
Also make sure that the graphics card is not plugged into the PCI slot (only one on the motherboard) but only plugged into the PCIe #1 slot (the 16x labeled slot.) Also, I am telling on myself, Sukebei. I have also experienced enabling the graphics card, turning off the onboard graphics in BIOS, and then forgetting to move the monitor cable over to the new card output port connector. Also, I couldn't see anything on the monitor until I moved the DVI to the correct DVI port on my new graphics card (my card came with two DVI ports, only one was able to be used as the single-monitor-out port.)
Hope you track down the culprit, or that my comments spark a thought on where the short is located.
Regards,