those red lights are normal (i have the p67 sabertooth aswell) four red lights should turn on. 1st one to the bottom left of the ram 2nd at the top of the ram 3rd top left of the gpu (underneath the usb bit thing that says sabertooth p67 (should probably know what thats called)) and finally a red light above the sata ports.
Edit: look at chapter 2-14 in the manual it explains the post state leds.
To quote the manual
"2. POST State LEDsThe POST State LEDs of CPU, DRAM, VGA card, and HDD indicate key components status during POST (Power-on Self Test). If an error is found , the LED next to the error device will continue lighting until the problem is solved. This user-friendly design provides an intuitional way to locate the root problem within a second."
this diagram is what i was trying to explain above (its from the manual)
hope this helps, i think the red light staying next to your ram means thats the problem (either the ram or cpu depending what light you meant)