Possible Motherboard Damage

Hello,

I've been attempting to upgrade my approximately 10 year old desktop computer speed by adding more RAM. The motherboard can handle up to 1MB of DDR memory per slot so I purchased a new 1MB DDR stick. To installed it I made sure the power cable was unplugged, took out the old slow stick and place the new one in the wrong position (where the empty notch on the stick wasn't lined up with the motherboards empty notch in the slot) and latched it snugly in the slot; a simple dumb error of which I'm very good at doing. I powered up the computer, all fans started turning and all appeared well yet I immediately smelt a slight burning smell and the computer gave me a long beeping, a possible RAM failure beep of some sort. I turned the computer off manually after about 10 seconds and realized I'd installed the RAM stick wrong so I flipped it the correct way and turned on the computer. All fans turned, no beeping this time everything appeared well yet the monitor never turned on, I never heard a single beep that I usually hear during normal boot up. What's interesting is that the cd drive makes a constant looping noise as if its continuously attempting to read a cd, kind of like a click-click noise. The hard drive at first start up appears to have a life but then stops makings its usually thinking noises, possibly due to the fact the cd drive is stuck in its loop. I have a feeling I've damaged the motherboard, any suggestions would be greatly appreciated?

Motherboard is an ASUS A7V266-E Socket A (462)
RAM is an PHY 1GB DDR