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I searched all over Google for the answers for this and most of them read that the PSU is at fault, but I did the paper clip test where you connect the green wire to one of the black wires (ref: http://aphnetworks.com/lounge/turn_on_psu_without_motherboard_the_paperclip_trick) and the fan spins.
So I thought my mobo was having problems, so I returned it, got a new one and I get the exact same problem. So I don't think it's the mobo at fault.
Update
I placed the motherboard over an anti-static grey clear bag (the one that you get for free when you buy a motherboard) just in case the case was shorting the motherboard, unplugged everything except for the RAM and CPU, and the same thing happens – it turns on for a second (I can see the fan spin) and then shuts down immediately. Keyboard and screen are not even attached.
Update 2
I found the solution to my problem. I posted it below.
Can you add more details, about other components added to the system? Including quantities, and the model and watt capacity of your PSU. It may be as simple as there's not enough power capacity for what you're trying to run. – Nick Josevski – 2009-09-25T01:57:45.023