It's a memory test BUT of course if you had a defective CPU it COULD show up as a memory error. However, usually when a CPU dies it DIES.
There could be a LOT of reasons for the error. A bad PSU could cause memory errors, although if your voltages are withing 5% then that's likely not your problem.
People don't realize that memory needs to be MATCHED to modern mobos. Modern mobos are VERY fussy about memory and timing - especially if you run in dual channel mode. The memory might be perfectly fine but it's default SPD timing settings may not be ideal for your mobo.
For example, I have an Asus A7N8X-E Deluxe mobo and I purchased some premium Corsair XMS TwinX matched memory for it. I was rather shocked to find I was getting a lot of BSODs and the memory was failing MEMTEST. I then came across a FAQ on Corsair's houseofhelp.com forums that listed recommended timing settings for all XMS memory for specific mobos. When I used the recommended timing settings for my mobo, it worked like a champ and has been rock stable ever since.
I would STRONGLY suggest you go to Corsair.com or Crucial.com and use their online database to lookup the EXACT memory that's GUARANTEED to work with your mobo.
Since you've already purchased the memory you have, you should do a Google search on that memory and see if you can find any recommended timing settings. You can also try the memory manufacturer's website. Most of the better memory manufacturers have a decent Knowledgebase or user forums that may help you.
Post your motherboard brand/model and the brand/model memory you purchased here and maybe someone can suggest some timing settings that might work for you.
If you haven't tried it yet, set BIOS to the SAFE default settings and see if it's stable that way. That usually uses some less aggressive memory timing.
Hope this helps...