....Just checking... did you take the AC power out of the system while doing this? Otherwise that will power the rtc, even when the system is off, and this procedure won't work. Also you don't need to wait 2 hours. A couple of minutes is usually enough.
1. What is rtc?
Also, do you get any beeps? Does the system beep without graphics card or memory? If not, your board/bios is corrupted. There might be a way to recover it (not just reset to defaults) - check with Asus.
Edited - Real Time Clock - DUH!
2. I realize that 2 hours was not required, I walked away to watch a movie. I was really pissed off.
3. I had no speaker, and frankly I needed one to complete this task, otherwise I'd be RMAing this damn thing back to Asus.
I appreciate everyone's help. People know their stuff here. Asus forums full of people with these problems.
Edit - Spelling.