Actually, Ive had this problem happen to a friend's computer. Turned out his HD was kaput. You could try removing all non-essential devices and see if the system powers up. If it does, re-connect all devices one by one to see which device is faulty. If the computer doesn't start even then, post what you've done here and we'll go from there.
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Finkus Stinkalotus
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since Jun 2005