Just thought I'd re-post something on a similar problem -
I had something similar last week with an older machine.
Everything worked.... just wouldn't boot.
And we hadn't actually done anything except shut it down for a few hours.
So it went from a fully working PC to not booting for no apparent reason.
Didn't have the luxury of LED's to tell me anything tho.
Press power, it all appears to start up, but nothing - not even a beep.
I was pulling my hair out as the machine had been a trusty old lump and hadn't been moved or opened from when it was properly shut down.
From experience, it could have been anything - wasn't looking forward to ripping everything out to test it.
Eventually, I got my PSU tester and plugged that in.
It only cost a few $'s from ebay about 2 years ago and they are still available.
Hey presto!! One of the 5v lines was showing very low/intermittent voltage on the main mobo cable.
Swapped out the PSU and it now works fine
That little $3 widget saved me an awful lot of time and effort.
Something worth investing in!
Note about the flashing light on the PSU: probably means it's dead or not working correctly.
I know some people point to the motherboard but in all honesty, unless that failing PSU caused an electrical fault on it, it's more than likely to be the PSU and not the mobo.