Try contacting Crucial directly to see what they say when you tell them you have defective RAM. Since you just want to exchange it, you may be able to go through them instead of NewEgg. Also contact NewEgg to see how you can get a replacement chip. I've never had to return or replace anything with them, so I don't know how the process goes.
By the way, when you boot off the Apple Hardware Test CD, the fans always run at full speed. The CD does not contain the drivers necessary to regulate the fans, so a a precaution they run at full speed. Loud, isn't it?
Also, the extended test takes a very long time, and gets longer with added memory. I think mine took nearly an hour for 1GB of RAM, and reports on the Apple Discussion Board say that it takes about 1 hour and 50 minutes if you have a full 2GB.