Could be. But the thing is, I'm using the same PSU right now in the new build and it's working perfectly. I think it could have been the motherboard or CPU. I bought a new motherboard at Fry's to test, and I had the same results. So it's down to the CPU.
It's still under warranty, and I haven't even had the chance to overclock it or anything. I'll most likely send it off next week when I get a bit more time to set aside to test it out.
Kind of debating on what card to get next. I'm eying the HD 6950 2GB (or even 1GB), and the GTX 570. Budget is around $200-$250. Some guy on ebay was selling 3 2GB 6950's for $185 a pop, and I was too late.
I do see two GTX 570's for $150 a pop though. Problem is that it's not tested, and there's no returns.
Edit: 570's are freakin gone.