Sounds like a dead short or, and this will sound stupid, a battery that has been connected backwards. Or a fried Reg/Rec. Or a battery that has almost zero charge (no current equals no voltage, when you turn the key; high resistance in the voltmeter means you read voltage, even with almost no charge).
Have you tried putting the old battery back in? I've lost track of what you've tried and what you haven't. Maybe a recap?
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