Well sorry to hear the bad news but at least it is definite now and at least you can get something done about it.
I am a glutten for punishment, so I did a bit more research and looked at the LED error code and every time I heard the click it would say 26 and then 2b, and 7f. 2b is a video card issue and 7f is an overclock unstable. But I guess what happens is the video issue rolls into the overclock after it keeps failing even though the overclock is the not the issue (Gigabyte should fix this if that is the case). I decided the swap the video card out with a Radeon 4890 I am currently selling. Sure enough no problems at al in the PCIE16 slot. Then I put the GTX 470 in a PCIE8 slot and it works fine. The problem is if that GTX 470 is in any PCIE16 slot the system will not POST most of the times and I receive the 26, 2b, and 7f errors; however, if I put it in a PCIE8 slot it works completly fine.
So basically, everything is working the GTX 470 in the PCIE8 slot. I have no idea why the USB and LAN stopped working. I am assuming they share the same bus with the PCIE lane. Is there a compatibility issue with the GTX 470 and these boards that you know of? I am thinking no. Either way, I am just going to replace the video card as that is much easier than the board.
A