Holding in the power button on the tower would work whether it was in Windows or not - although if it didn't work at all then that would point to a definite problem.
The yellow standby light means that - assuming the monitor is OK - it is not receiving a video signal from the computer. Does the monitor display "No Signal" if you disconnect it and turn it off and back on again?
The big question is: is it POSTing?
Did it used to make a beep when you turned it on? Is it doing that now?
If you disconnect everything from the machine and let it stand for a few minutes, then plug in just the mains cord and turn it on, what happens?
Fine, lights will probably come on (so the PSU isn't dead), but what else happens? Does the HDD light flicker for a minute or two as Windows loads?
If it does, how do you normally log in? Using TAB and the arrow keys (obviously having turned off and reconnected the keyboard and mouse) you can switch between user log ins and type 'blind' (you have to guess a little, but if you know your computer you can do it). If this succeeds you may hear the Windows sounds (plug speakers in, of course).
If it isn't POSTing then there is a problem.