From your description, I don't think that either the motherboard or power supply is bad.
When the system boots, do you see the light on the floppy drive flash on and then off?
Do you here the hard drive spin up, and see the hard drive light flicker?
If yes, the drives have power and are "working", at least electrically.
If not, I suspect that a wire broke on the drive power cable and has disabled all drives.
While a new power supply would correct the problem. You may only need to switch drive power to a different cable.
If the drive lights do flash, the BIOS is telling you that it was not able to find a formatted drive to boot from.
Try booting with a startup disk (or boot disk) in the floppy drive.
If you can boot from a boot floppy, the "worst case" problem is a virus wiped your hard drive.
If you have critical files that you need to recover from your hard drive, STOP and see if you can contact a local repair shop to help figure out if / what virus you may have.
Chas