Ok well I think I've made a little progress.
I tried removing all the components (except the processor) and powering on to see what kind of beeps I got. Well I didn't get any beeps. But I'm really not sure if my internal speaker is plugged in correctly or if it means there is a problem with my mobo.
But I also plugged in my external Cambridge speakers and I'm now getting a vocal POST message saying "System failed CPU Test" over and over and over. So that's very interesting. It's also important to note I get this message no matter how many components I have plugged in. I'm not really sure if I was getting this message when the computer first went down and I just had my speakers turned off or plugged into my headphones or not.
Anyway, upon hearing this message, I did some research and came upon this forum post...
http://forums.amd.com/index.php?showtopic=31392
What the guy was saying seemed to ring true with my setup so I gave that a try. After following the instructions, still no change.
So at this point I've got a POST message saying "System Failed CPU Test" over and over. But aside from that nothing. Would this message indicate that it really is my CPU and I should just go out and get another CPU? Or is there more tests I could do? Could it still be my motherboard?