Thanks a lot for your answer.
Here are more details as you requested.
My server worked like a charm after I originally built it for about 4 days. Then I left for a long week-end and found my box dead silent upon return. The box wouldn't start at all. Just a slight led flash and fan spin and then stone dead.
I ruled the PSU out as I was able to power an other computer with it fine.
I also thought it was unlikely to be the CPU so I sent the MB back for repair / replacement.
When it came back there was no report on what had been done on the MB but it was obviously different since it was able to start led / fan / bios / graphic / disk just fine.
Since it came I have tried updating the bios, resetting CMOS but nothing seems to help.
Anytime the system tries to boot regardless of the OS ( OSX, Linux ) the kernel crashes almost instantly ( even from a live Ubuntu CD ).
Thanks again for your help,