Had similiar problem late last night when I installed a refurb MB, trying to find out what the hell is going on.
My first though was HDD, without the drive connected received the same error.
I looked on the web and found something about over clocking.
At the time I did not think of it, I installed my old processor which is 1.1 ghz and the screen showed 1.4ghz.
I changed the clock speed from 133 to 100 and when I restarted the screen showed 1.1ghz which no problems.
Hope this helps..
Richard