They are notorious for having Marginal Power Supplies. At a guess I would say that for some reason the Power Supply has died and gone to [b]Silicon Heaven.[/b]
A quick test of the PS is to unplug the Mains Lead and then press the On Button for about 10 Seconds to discharge the Capacitors in the PS and on the M'Board. Then plug it back in and try turning on again. If ti works now the Capacitors in the PS are failing and the PS needs replacing.
If it doesn't work it may still be the Power Supply but you have allowed it to go too long and it has stopped producing enough Power on at least one of the 3 Internal Voltage Rails to cause the system not to work.
Of course if the Capacitors have failed completely any spikes from the Mains will not be absorbed and will be passed straight through to the delicate components inside the case degrading/destroying them.
Ideally a Good PS will sacrifice itself to protect the internal components of any computer. Unfortunately many cheap No Name PS do not filter this well and when they fail they can take the internal components with them.
You really need to test with a [b]Known Good[/b] PS for that particular computer and if it works properly after connecting the Known Good PS you need to replace the Power Supply. I would suggest one of the better Name Brands like Antec as apposed to the cheap no name brands like Flower but that's entirely your decision. ;)
http://www.antec.com/Believe_it/product.php?Family=MjM2
If nothing else you can use Antec's Power Calculator to find out how big a PS you need in your computer
http://www.antec.outervision.com/
Col