Ok, I've recieved some tech support help from asus via e-mail, the card now works fine, but the ringing/beeping sound continues. The noise begns as soon as I power on the system and continues until it is shut down, it's not going beep-beep-beep, it's simply 1 solid beep.
System specs:
Asus Maximus iii Formula bios-2001
Intel i5-750 stock clock
patriot viper ii ddr3-1600 2x2gb
intel x25m-80gb
Ultra x4 850w psu
* I have an asus matrix 5870 that I got when it launched, it's on the new bios
windows 7-64bit
The card is seated correctly in the pci-slot and has the power connectors installed properly. The fan is not the source of the noise since the ringing happens immediately and the fan takes a few seconds to start spinnig after powerig on(I assume this is normal since my old one does the same thing.) Both cards are the platinum editions.