Ok, I assembled a computer with:

Lian Li PC-60F case.
Gigabyte 1156 mobo
i7 860
2 2GB Crucial memory
Corsair hx 620 PSU.
Corsair H50 Water cooler.

I kept my old hard drives from my old computer, they are 3 WDs.

The built was not as easy as I thought it would be.

First of all, it took me some time to align the mobo to the holes underneath. Then, after lots of effort I couldn't screw the screws next to the I/O ports.

Second of all, the two PCI cards I have do not seem to be sitting properly on their slots. It seems as if the motherboard is too low...

Regardless, I kept them out and tried starting the computer. It wouldn't power on. After some google search, I loosened up the screws so as the mobo didn't ground on the case.

I tried again and the computer powered on. But I get no beep and no display; my monitor is just blinking.

What do you think it is? What can I do? I suspect/fear that the mobo or the cpu is fried. Is there a chance I didn't place the cpu properly? It did lock into place...

Did you use mother board stadoff screws? Or did you screw the mobo down dirctly to the case?
You have to use stand of screws in case first like these:

http://www.frozencpu.com/products/im..****=g43c157s483

Then put your mobo in and screw it down to the stand offs.
If you did not use stand offs, you are probably screwed

**** I didn't. Did I burn it?

Some led lights do turn on the mobo, is there hope?

the stand off screws keep the board off the case and therefor keep the board from shorting out when powered on. This is also why you couldnt get the board to line up correctly. Get some stand off screws and try again

Very very slim chance your mobo survived
CPU and vid card may be gone too.
But start with the mobo and stand off screws and let us know what happens

Don't feel bad OP, I did this same thing when I built my first PC. Standoff pegs look identical to the pegs you screw your VGA/LCD inputs into, I figured they were extras lol.

Built it, didn't sit properly but I turned it on anyway and heard a sickening *POP* sound. Luckily it was just the PSU that I fried, hopefully you don't have much damage either

Of course, it made perfect sense as soon as you told me. Funny thing is I kept wondering why there wasn't some support underneath the mobo like in my old computer.

Yeah, probably I am screwed. Do you think Newegg is going to replace it?

My only hope is that I don't see any brown parts on the mobo.
Thanks, these are comforting words. I still feel like I engaged in a monumental feat of dumb****ery.

I hosed my first board too, but the manufacturer replaced it.

you can contact newegg.
maybe tell them the systemboard appears DOA.
You are not getting any video. It may or may not work.

Dont worry about feeling like a dumb ass. Did the same thing myself on my first PC build.

Well, apparently I was lucky and after I installed the mobo properly, the computer booted and there are no signs the mobo or the CPU or any other part were fried.

Draidin, thank you very very very much. That little tidbit of information you gave me saved me inordinate amount of time on a process that I already ended up wasting 12 hours.

Cool, man! Glad it worked out for you