I was going a bit insane last night. Thankfully, this community has some helpful people who were willing to voice an opinion.
I just confirmed both MSI motherboard and the OCZ 700w PSU are bad. Doubtful it was a power issue as I have a UPS. It could have been a short or maybe one thing died and took the other out with it. Regardless, it was weird. Hopefully this machine will last another 5 years, especially after it gets retired from gaming and hosting VM's regularly.