You can test anything with a multimeter, but it may not give you what you're looking for. The power supply is just about all you can test unless you're feelin ballsy to test all the leads on a graphics card or processor socket, which is NOT recommended by the way. So I've provided different levels of troubleshooting below. I would recommend trying to power the system up after each one if the previous one did not solve the problem kinda like a flow chart, but in a forum:
~To test the power supply, connect the 24 pin and 4 pin ATX connectors to the system board.
~Make sure to also connect the front panel LEDs and switches.
~Power it on and ground the negative probe of the multimeter to the tower somewhere.
*Note; if your multimeter has alligator clamps or a short stubby probe rather than a long pointy probe, open up a paper clip and clamp it in the alligator clamp; if it's a short stubby probe, wrap the paper clip around it to test each wire*
~Take the positive probe and test each wire of the 24 pin and 4 pin ATX connectors by wedging the probe into the connector parallel to the wire.
~As you check the PSU voltages, consult your power supply's documentation for the proper voltages.
If everything is okay, push the reset button and pay attention to the LEDs around the system. This includes the LEDs of the HDD, LAN, WLAN, Power, and the ST-BY LED. Look for any activity at all. If the HDD LED does nothing than it sounds like POST did not get past the processor.
Try testing the CMOS battery with your multimeter and make sure it has 3V (+/- 0.2V) Nothing more, nothing less. If it's dead, replace it with a KNOWN working one, not necessarily a brand new one.
Basically at this point there's a problem with either the processor or BIOS. If possible, try to test the processor in a different system board as well as testing a KNOWN working processor in your system board. Other than that, you're system board and/or processor might need to be replaced, but if you can in some way, test them before officially disposing them.
That's just about all I have to offer as far as troubleshooting. If the problem still remains contact Asus, AMD, or the manufacture of your BIOS chip about your situation. If you do get the system up and running, take a look at the BIOS version and compare it with the latest. I would highly recommend upgrading the BIOS to the latest version.
Hope some of this helps...