weird..... Well, clear the CMOS, which will reset the BIOS to default and get rid of the overclock. i honestly would not have done an overclock like that on a $60 board though <.<
if your fans still work, then that rules out your PSU. so most likely a motherboard problem.
i have no real experience with PSU problems, but he said that his fans are still spinning. could it still be the PSU?
all i know is that the PSU is the only real thing that scares me about building my own computer. seen too many of my cousin's fail. that is why i am just going to pay the $80-$100 for an EVGA 750W 80+GOLD PSU. better safe then sorry :P