Pulled both memory boards and tried them independantly. One of them just causes the power light to blink, so I assume that's bad. Put the other board in and manually opened the internal DVD (it runs, it just doesn't respond to keyboard or mouse on startup) and tried booting from the install disc.
Booting normally or with the option/alt key starts the process but either way it fails to a blank momentarrily blue than gray screen.
1. Gray screen.
2. One memory bank causes the power light to blink and the screen does nothing.
3. Optical drive is inaccessible by keyboard but can be manually accessed.
Took it to the Apple store.
Bad Video card caused all the problems except optical drive which was a bad keyboard.
$249.00 later I'm good as new.
Who'da thunk it?
PS $249.00 at MicroCenter, $400+ at the Apple store. They charged me nothing for the analysis.