Looks like the motherboard died.
Beep codes from m5030 manual found here:
http://support.dell.com/support/edocs/systems/insM5030/en/index.htm
Beep Code Possible Problem:
One - Possible system board failure or BIOS ROM checksum
failure
Two - No RAM detected
NOTE: If you installed or replaced the memory module,
ensure that the memory module is seated properly.
Three - Possible system board failure or Chipset error
Four - RAM read/write failure
Five - Real Time Clock failure
Six - Video card or chip failure
Seven - Processor failure
Eight - Display failure
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