I am having the same issue, except in verbose mode It Never gets past the
Loading Drivers..
Loading System\Library\Caches\com.apple.kext\caches\startup\extensions.mkext...
2011 Mid iMac 21.7 inch, removed all ram, loaded 10 different sticks, 3 beeps only after "Option" startup from my Snow Leopard OEM Apple installer disk. I swapped HDD's, everything, and won't go into recovery, safe boot, nothing.