Windows 7 - Nothing showing up on screen

Since my new comp has been built, about a month ago, every now and then when I power up the computer it fails to display anything on my monitor. I look into the case and see that the red VGA LED is lit up on the motherboard. Whenever this happens, I take my GPU out and reinsert it, close up the case, power up and it works again.

You've guessed right, it gets very tiring so I am wondering if anyone knows the possible cause and how to fix it?

Motherboard is Asus P8P67 Pro B3 Rev
GPU is Gigabyte Nvidia GeForce GTX 570 SO

If you need to know my other specs, they can be viewed here:Windows 7 Forums - View Profile: geezafrombrum

First question
have you looked into bios updates for that motherboard.
I had an asus board that was having off/on video and there turned out to be a bios update specifically addressing the problem.
Assuming that corsair power supply is pushing it's rated voltages that's about the only thought I have.

Hi, I've checked the BIOS and have the latest version.

Any other ideas? Could it possibly have anything to do with GPU drivers?

I have got more info. Although I cannot see anything on the screen, after waiting a minute I typed my password and I can hear the sound of Windows 7 successfully logged in.

Well that points to the graphics or the display itself (with a small chance of it being the actual cable from the computer to the monitor)

Speaking of which, have you assured that cable is connected properly at both ends?
Sometimes the most simple solution ... occam's razor and all that.

Checked the cable plenty of times. I guess my only option now is to try a different GPU.

Just keep in mind this is a problem that happens with some flat screen displays.
A capacitor going bad can cause it to fail to initialize at all. (hp monitors specifically are known for this)
It can be fixed if you have enough knowledge of the internal parts but it's generally easier just to replace the display.
I would try both a alternate display and a alternate gpu while trying to trouble shoot this.