Well on my Rampage II Gene, at the back, there's a button which I can press which will reset the CMOS. If you don't have this, refer to the motherboard manual and it will say something about shorting two pins, or removing the CMOS battery.
IIRC, CPU INIT is a normal part of when booting, but it shouldn't just hang on CPU INIT. On mine, I think it starts with CPU INIT, then DET DRAM, then VGA BIOS; after VGA bios, I hear the one beep to indicate a successful post, and then there's output to my screen.
If it's hanging on CPU INIT, this could indicate a problem related to the CPU. Perhaps it's worth taking the CPU out and checking for bent pins.
Click here for some Google results about this issue.
A guy on one of those links said that by just using 1 RAM module, he managed to boot and get pass the CPU INIT problem.
Are there any LEDs near the RAM/CPU? What colour are they? Try and look them up in your motherboard's manual.
Make sure you check this link out:
http://kostakiss.com/blog/2007/07/08/asus-striker-extreme-cpu-init-error/
It also has an alternative solution if the first one doesn't work, also read some of the comments on the article(s) as well, because they have some solutions in.
P.S Make sure all of the connections are plugged in correctly. CPU fan connected to the right header? 4/8 PSU connector in properly? 24 Pin PSU connector in properly?