Hearing the chime is good after a CPU change. At least it is running that far into the boot sequence.
You might check all the cables to be sure they were replaced properly and without damage. If you added a SSD in place of the hard disk and are trying to boot from it, you will of course, have to format the SSD and instal the OS onto it.
The fans running full speed are probably not heat related, but due to either a system crash or cable issues. The RAM upgrade could also be an issue. You have so many new variables it is hard to diagnose. You may have to revert back to the old drive and RAM and verify that just the CPU upgrade is working, then add the disk and RAM one at a time to see where the problem really is.
BTW: quite some time ago I added a OWC SSD to a iMac in addition to the hard disk. Everything worked fine for awhile, then the iMac went pretty much dead. I was sure the main logic board had probably developed a problem, so I took it to a local authorized dealer to diagnose and repair under warranty rather than taking it apart again myself. Was I surprised when he called and told me the SSD had failed, and in such a way that it totally blocked the computer from running at all. Simply unplugging it brought the iMac back to full operation, and replacing the SSD with a new one also worked fine up until I sold it.
hfg thanks for the replying,
About the installation, I followed the instruction on OWC website step by step, so shouldn't had any damage or wrong connection as I think so far. But I will check again, for the fourth time
About the SSD, at first I thought it might be the SSD which I added was broken somehow although it's brand new. So I disconnected the SSD but it won't fix the problem.
About the RAM, I also put the original RAMS back on, problems stays. and based on OWC staff replied, it shouldn't be the RAMS causing neither the black screen nor the fast running fans as it normally has the BeeBee sound instead of Chime sound if the RAMS goes wrong.
About the CPU, this is the only part which i didn't restore to its original status as its quite a job to do. However, hearing the Chime means the CPU is running as you mentioned above, I thought the same and I also confirmed this with a Apple Store staff. Besides the CPU which I installed was i7-2600 which is exactly the premium upgrade for mid 2011 IMAC 27 from Apple online store itself so I really don't think it's due to a compatible issues here. And if the CPU was original broken then I won't even hear the Chime. Right?
But now I'm stuck here as the Apple store won't help me to check the problem as I personally modify the IMAC plus its not under the warranty, and I don't know how to test which part might goes wrong as there are too many parts inside and even a small cable might causing the issues.
I'm trying to google for more information and now only found few people had similar problems but only in 2011 IMAC 21 inch after i7-2600 had been installed, that might be causing by the higher TDP, but for 2011 27 inch IMAC, everyone else had achieved it successfully apart from me

really sad about it.
But thanks for you trying to help me here and I'm still not giving up yet.