These are what various beeping sounds mean coming from a Mac at startup:
1 beep = No RAM installed/detected
2 beeps = Incompatible RAM type installed
3 beeps = No RAM banks passed memory testing
4 beeps = No good boot images in the boot ROM
5 beeps = Bad ROM boot block or processor is not usable
Looks like you're in for number three there, which could indicate some kind of hardware problem with the RAM banks. Have you recently upgraded the RAM in that machine, or perhaps done any kind of hardware upgrade recently?