@vbaderks,
I was told to upgrade sequentially from the earliest update to the latest. I assumed there was a particularly good reason for it. I guess, what I was not told was that I had to complete the upgrade process on all updates before attempting to use the system, which might've caused my issue?
I tried it with different modules as well. The motherboard did not give me any beeps when I installed the new kit (4GB kit), but it would not boot, just a blank screen. I will attempt your recommendation, to revert back to a previous version using recovery procedure as per the documentation online, and see if this fixes it, but I am still not hopeful.
Update #1:
vbaderks, I tried to downgrade to 69 but I can't get passed the 3 beeps that still persist. I tried the memory in another PC I have, and it works fine. I tried different modules but the issue persist. I have not other choice but to believe that I inadvertently damaged the memory bus for the board which seems to be unable to detect a memory brick in the socket 
...
I'm removing the CMOS battery, and leaving the PC without power again for a couple of minutes, this does seem to allow the motherboard to start up without post beeps, but any startup after that, brings back those annoying beeps.