Alright everybody.
I have reflowed and "xclamp" fixed this motherboard I received today.
Also reflowed the PSU area a second time.

Xbox does not boot and displays three rings with error code 0001
which indicates a power problem.

I have tried two power supplys and two wall outlets.

There is no noticeable damage to the motherboard.

I am stumped at the moment.

Anyone have any ideas?

Found something, Anyone have any information on it?
http://img85.imageshack.us/img85/7461/img2138bc.jpg

According to:
http://forums.xbox-scene.com/index.php?showtopic=605292

It is a diode,

I found one on my scrap box with similier lettering on the top.

I am going to swap them and post results.

update: swaping it out did nothing.