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I understand that you are able to access the BIOS. Try loading failsafe setting in BIOS and perform a cold powercycle.
From what is mentioned , It could be that the system is not able to get a boot device. Are the disks good. Is there a change if you remove the disks and CD drives ?.
Check the firmware and confirm that it is up to date.
Also if your ILOM is configured , try using the ILOM console redirection and check the Hardware logs to see if there are any errors.
Please check the MOS Doc - Sun[TM] x86/x64 Guide to System Troubleshooting [ID 1008335.1] and search for your platform.
For ILOM refer to http://www.oracle.com/technetwork/documentation/sys-mgmt-networking-190072.html