Uh...I know Unaris and Toast are covering a lot of the bases, but...has anyone tried plugging a different vidcard into this box?
If the fans are coming on and he's not getting any beeps, he could have fried a lot of stuff. Could be the vid card, could be the motherboard, could be the RAM...could be all three.
And yeah. Smell...definately bad.
You may not be able to see any signs of burn damage. If you have another vidcard (or if yer mainboard has a vid-card integrated into it) try switching. You already ruled out that the RAM isn't the problem. After vid-card comes motherboard. Check it's mf site for testing details.