i think the problem is simply all the RAM you have installed. On every mac i have that uses EDO ram, everytime i go above 64MB i have to wait a good 30 seconds + before it actually starts booting up.
a simple way to test this theory is to boot it up then do the reset command on the keyboard, if it comes up much quicker then there is no problem other than the large amount of ram the system is checking before it boots up.

if that isn't the case, well...i'd try it with just one stick each, its possible one of the bits of ram is partly bad or something.

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