>> (after multiple power on off button presses), it always shows the message "Overclocking failed!" << that is the normal message if the post sequence is interrupted on ASUS boards. you just enter the bios, and get out.
i would recommend waiting a bit longer before pressing the the power button - you won't have that message then
>> I have managed to find suitable manual values << normally, you don't need them. try booting with the minimum - or disable devices in the bios for testing. - it can be it tries to access a bad device, and the time out is taking so long.
WHAT bios versuion do you have? for the E7300 you need version 612 or later :
http://support.asus.com/cpusupport/cpusupport.aspx?SLanguage=en-us&model=P5K%20Premium/WiFi-AP&product=1&os=17i would select default values - it should boot normally
if the bios is ok, and it does not boot normally with defaults, i think you can have a bad mobo - have a warranty replacement