I've just built a system around a P4 3.2 cpu and GA-81848P(-G) mobo (Phoenix Bios). All was going well, formatted drive started installing XP and it froze with about 7 minutes to go. I was had to reset and on resetting there is now a non stopping rapid beep with the power light flashing rapidly. I've taken everything off the board apart from CPU/Fan and still same. I've tried a different power supply and still same. Cleared CMOS no luck I've never come across this before, has anyone got any ideas...?
The only time I had beeping like this, the processor heatsink wasn't properly seated, and the processor was overheating. I hope that isn't the problem in your case, but at least Intel processors are better at looking after themselves than AMD.