Well now after running the system not overclocked i can still replicate the restart loop.
When the computer is put in to sleep mode for more than an hour it will turn back on but the screen remains black. I then push restart and then the restart loop starts again.
Also noticed when i downloaded the wrong version of memtest and it locked up when loading (off a bootable CD) after pushing reset got the same loop.
It seems that this board can't handle someone using the reset button and causes you to loose your cmos setting because it assumes it is a OC setting.
From what i have read on other forums people resolve this issue by exchanging for an Asus board.
Are there any new bios versions coming out soon to fix this problem that seems very widespread throughout the GB Z68 range.