Did you force a power off of the iMac first?
Try an SMC Reset.
Make sure to disconnect all external devices except for your wired USB keyboard which should be connected directly to the iMac.
Timing is critical for those special startup keys to work. On some Macs, holding the keys too soon will prevent the special startup keys from being seen or it may even cause the Mac to "pause" until the keys are released....I've seen both things happen, while other Macs seem fine holding the startup keys before the startup chime.
Also, pressing the special startup keys too late will cause the Mac to boot to the default startup disk, whatever that may be.
Unless your speakers are bad, you should be hearing a startup chime if the PRAM Reset is successful since it resets the volume settings to default.
If none of this helps, then I think you will need to take your Mac to Apple or an Apple Authorized Service Provider for assistance.