computer freezes..hard drive light off..power supply prob?

It sounds like your hard drive might be going out. It could be power but generally if the psu goes out nothing happens when you try to turn it on.

I agree it can't be the PSU.

Hope you had all your files backed up because your hard drive sounds dead to me. How old is your computer? Much more than 4 years old? My mate's computer is more than 5 years old and the hard drive sounds rather like a lawn mower with random variable speed control. I keep telling 'em his cheap old hardware is going to give up on him someday soon but he doesn't seem know any better.

Oh serious? Well the computer is just over a year old and i have 2 hard drives and one of them is only 6 months old... Thats gonna seriously suck if thats the case...

Set it up in another computer as a slave drive and see if windows can find it. If so, try moving files across it. That way you know if its working or not.