[racc]

Maybe you spotted it already, but according to the Indy owner's manual during power-on tests the solid red indicates "Graphics board, systemboard, or CPU module failure."

I have no any experience about this kind of issues, but I'd first suspect the graphics board as the jingle is still playing... Somebody here probably knows if Indy outputs debug info to serial port in such case. (I didn't quickly find this mentioned in the manual.)