If that's an IBM system or motherboard then the continous beep means:
No power
Loose card or...
Short
If it's an Award BIOS, then it could mean a RAM problem, as you suspect.
Alternatively, it could simply be an alarm related to a processor fan not functioning. (Remove the RAM, the system doesn't start, the alarm doesn't sound).
Reset CMOS, check that the processor fan is actually working when the RAM is installed.
Check the RAM slot for any signs of dust, lint or corrosion which would cause a poor connection, and clean it if necessary.
Have you ever removed or fitted internal components by shutting down Windows and opening the case, without disconnecting the power cord or switching off at the wall outlet? There is power in your motherboard even after Windows shuts down, and if you've changed components with power still present you may have caused damage.
Or you may simply be unlucky enough to have had both RAM modules fail.
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Grandad
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since Mar 2004