It is certain that this can occur. It is also possible on older boards / psu's that you can fry components plugged into the mobo based on any voltage protection schemes / lack thereof. When my PSU went out on an old computer of mine it also took a hard drive with it(the mobo) somehow. Unfortunately I had to have a shop test all my components before putting all my old crap back onto a new mobo. I just ordered a new system (parts of) and the power supply was something I had to spend more than I would have previously thought for a good one. It'll be well worth the extra money.
Um, mine was a normal, working PSU (5 years, 2 Mobos). Generic though. At one moment though my Mobo mysteriously stops powering up (at all - fans etc.) even with another psu. Now plugged in another mobo, power on does half a revolution (fan) and no more. Hope it didn't fry the second one. CPU seems also fried on the first one. Is that possible (Asus A7V KT133 - the old one with the seperate ATA 100)