Right, sorry for the delay. Finally got my hands on the machine today. Here is a link to a picture of the weird message at boot:
http://img697.imageshack.us/img697/2002/img0124d.jpg
Now, I can access BIOS & yes I have tried re-flashing.
I have tried a full reset by disconnecting all power including CMOS battery & leaving for a few hours
I can boot from the internal CD-ROM, running Mandriva one live now.
I cannot boot from the hard drive.
This message appears whether the hard drive is in the machine or not
I have scanned the drive for viruses, found a couple of trojans but nothing too sinister
It obviously cannot be drive related because it does it without the hard drive being installed :S
You think the BIOS is fried? Board failure? I have never seen anything like this before. I thought it must be virus related at first but don't know of any virus that can survive no hard drive & no power, i.e. no CMOS batter either!!
Any suggestions appreciated.

Some people are like Slinkies................... they are really good for nothing, but they still bring a smile to your face when you push them down the stairs!