The issue was the faulty ram stick. I only knew that faulty ram only causes display issues. Nevertheless the pc is running fine now. 
I have a dell precision t1700 mt workstation. All was fine just about few hours ago I turned on the system but it is getting on and off automatically. It is giving no beeps just amber light and then it turns into white and then shutdown and this keeps repeating. When I turned off the system by disconnecting the power cord then amber light starts blinking and blinks roughly eight times. I pulled out all the memory sticks just to verify if the system is giving beeps and indeed the system does beep. If someone can help me identify the issue , I will be very thankful to him.  
Dell precision t1700 MT turning Off and On.