Hello everyone!!! Good news first, I fixed it... Everything is fine now... But, before I get to the solution part, let me first thank everyone here who chipped in with their suggestions and ideas. You guys were just great!!! Thanks a lot!!!
Now, the solution part, it was indeed the corrupt bios as anticipated. Thankfully MB and CPU are ok. While working on the idea of corrupt bios (no oc option or no igpu), and following threads after threads, I landed up on this page:
http://www.techpowerup.com/forums/threads/cant-enable-igpu.168930/page-4
This guy had the same problem and he fixed it using AMI flash tool. Apparently, the root cause for such behavior is the ME region of bios which got corrupted somehow, and is not updated or written when bios is updated using EZ Flash Utility by Asus (what!!!). So, obviously, I followed the link he shared and tried exactly the same thing, but hold on, I couldn't make the tool work as it was not compatible with my bios and gave a certain error message. I googled that message and again, followed several discussions and landed here:
https://hardforum.com/threads/tools-to-flash-and-recover-bios-on-asus-p8xxx-boards-fd44editor-ftk.1726429/
A detailed guide to update/restore/flash different regions or whole of bios. Using this guide I was able to update just the ME region and, voila, everything is up and running. Now, I can set cpu multiplier, OC it and also can use iGPU (not that it mattered).
***(Just a note, for whoever, with same mobo (P8Z68-V Pro or similar) and is trying the same thing, pl use the DOS version (of FTK) and FTK 8 to update/flash bios, coz other FTK versions will give Error 201. I thought it will save you some time googling around, esp. when you are so close to the solution
![Smile :) :)](/data/assets/smilies/smile.gif)
)***
Phew!!! I am now able to use the new RAM kit @2133 Mhz and CPU is OCed at 4.5 GHz. Everything seems to be working fine now. So, guys, thank you again and I really appreciate the time and ideas you shared.
@G-Skill - Only question now I have is that is it possible to further tighten tRFC from 255 to any lower value? Can you pls share alternate secondary timings which are little tighter and worth a try. I know I am pushing it here.
🙂P) Thanks a lot.