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Must have been torture...

I'm still using XP on a P4 laptop and Duocore Quad-core desktop machines, so unless there was a change in the way machines are licensed with Vista/7/8, then it should still be possible. If it is anything like XP which just needed to be "validated" online, he should be able to change it over to...

P.S. I found an image of a bad capacitor. It is more likely you will see something like this happen inside the PS than on the motherboard.

Emphasis on testing the power supply with it under load, ie. still connected to the motherboard. A failed supply can sometimes deceive you and put out the correct voltage under no load.

It could be a bad power supply or a bad motherboard. Without knowing more, I suspect it to be the motherboard, but it could also be the PS. Since the PS light is on, I would suspect no sign of activity at all to be a motherboard problem (easiest answer). A dead motherboard may not boot, but...