Ahh OK, thanks for the clarification! Then yes, what they mentioned about Windows 7 might be the main issue then! Try this with a test install of windows XP and see if you can get into windows then!
As for the BIOS memory settings, sorry I didn't think to mention, they might be hidden since this is an older board. Please go to the BIOS and on the MAIN page of the BIOS press control + F1 and the screen will flash, then go into the MIT section and see if you then see the settings shown above.