No boot...no nothing...I am screwed

pull the cmos battery if nothing posts, put the battery back in after 30 sec., this may help your problem

I guess you have a real problem now!
First of all never work on a pc without unplugging the power cord!! so you can avoid an accidental start-up of the pc.
If (I think) it's a AMD cpu this can be overheat in very short time when not using the heat sink!
Maybe the cpu is DEAD

The red light indicates that that the ATA bus is set up properly, (same goes for many SCSI controller cards). On some mainboards it represents memory modules being under current.
If the CPU was and AMD, then it is most likely history. Intel had thermal throttling much earlier, so it most likely is still OK. If your motherboard speaker is present or a functioning one is connected, it should report a dead cpu by a number of beeps.
Check the cpu orientation and/or seating. (make sure you did not damage the cpu ceramic core when installing the heatsink -that killes most athlon/duron and P3 socket cpus)

You can buy another 754 socket Turion processor on ebay pretty cheap if you fried your CPU. I think my CPU is overheating/overheated, as mine will power on for like 20 to 5 seconds and just shut off.