Can you please try going into the BIOS/System Setup by pressing F2 during POST, then under Integrated Devices select Slot Disablement, and for the OCZ card slot select Boot Driver Disabled?
You may need to apply the Lifecycle Controller Repair package also to get past the red crash screen, which can be done by downloading the .USC file from www.dell.com/.../DriverFileFormats and uploading it to the iDRAC firmware update section of the iDRAC web interface, either before or after getting into the BIOS.
OK, performed the requested steps and made some progress. I can now post and boot off the CD-rom to install Windows. However because the device is not tagged as boot-able by the BIOS Windows will not let me install to it.
I'm running into this issue after installing a OCZ Z-DRIVE R4 card but I can't get to into the BIOS. I applied the firmware mentioned above and I hit F2... Entering System Setup appears but it eventually shows the exception. Thoughts? No issues on a R710.