Are there any LED's on your motherboard. These light up differently depending on the "state" of the system. If you have them and there is a problem they should flash an error code. You can look this code up in the book that came with it.
That being said, without knowing if there is an error code or not it sounds like the onboard video might just be bad, it happens from time to time and I'm sure you'll have no trouble with an RMA. If you have a PCI or a PCI-E video card around (or one you can pull from another system) I would try to use that, if it works then your onboard is most likely dead.
I was looking at the reviews for your motherboard and it seems some other users have also has a bit of trouble with the onboard video.
Hope this helps and keep us updated.
-Ewa