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I just got my new parts, installed everything EXCEPT the RAM & CPU.
(Asus P5Q Pro MB, Sata Harddrive, PCIe 16x 2.0 card, Sata CD/DVD player, Corsair 550w PSU)
But when I boot my computer, just to check everything.. the fans starts then stops after a second or two, is it because I don't have the RAM installed? Or the CPU?

Now for the part the worries me, when I tested my computer I noticed a really tiny, really small amount of smoke from the top right corner of my motherboard, it vanished quickly but left a smell. I don't see any thing damaged though. The PSU don't smell like it's burned either, and it still gives power to my MB (The green light is on) Should I wait for my CPU & RAM in the mail to test further? Or just ship the PSU/Motherboard (or what ever is destroyed) back for a refund/new parts?
Thanks.

PS: I have connected the 24-pin, and the 8-pin connectors to the motherbard. Although on the MB I had a choice between 4-pin or 8-pin, when I removed this plastic-cap. (Hard to explain) Anyways I chose the to use the 8-pin.

You need to put in the ram and cpu to test it.

As for the smoke, have you made sure the back of the motherboard is not shorting out on the case? The only way your going to be able to tell if everything is working is connect it all up and turn it on.

If it doesn't work then maythe motherbo be faulty and you will have to return it to where you bought it from to get a replacement.