You're probably right with it being the PSU, check your PSU's owner's manual to see if your motherboard is compatiable with your PSU. I've got a PC Power & Cooling 510w PSU (actually its a 650w but its rated for continuous use at 50 C and up) and in the manual there's a list of none compatiable motherboards. Also, if you have a 20+/-4 pin connection from the PSU for the motherboard that can cause problems. I know that one of the major complaints with ASUS ATX 2.0 compliant motherboards is that a 20+/-4 pin connection causes system instabilities.
If your fans and other items turn on your PSU might not be to blame, but be sure for future builds to use straight pin connections (i.e. no 20+/-4 pin PSU motherboard connection).
As others have and probably will say again: check your jumpers, reset the CMOS, check all your power connections, and if necessary do a BIOS update.
Just to be sure that it isn't a PSU issue try the following:
1. Pull out all non-essential hardware and strip it back to basics: CPU, VGA, 1 HDD, 1 stick of RAM. If you have POST issues change RAM sticks, could be bad RAM.
2. If you have an EPS 8 pin supplemental power connection (located near CPU socket) an adapter is in order. Most PSU's have a 4 pin connector.
3. If you have a SATA HDD jiggle the wire on the back of the HDD and on the motherboard interface itself. Also, if your SATA HDD supports it, use a 4 pin power connector instead of the avaliable SATA connector. This was what was causing problems with my PC after I first assembled it.
4. If your motherboard has an onboard SLi or Crossfire controller card, make sure that it is set for the correct VGA configuration. My first ASUS board came with it set for SLi and I think that's what fried it the first time I turned my PC on.
5. If nothing is turning on when you push the button, including the fan inside of your PSU and your jumpers are correct, then you need to have someone look at your PSU to determine if it's bad and if it checks out then it is your motherboard most likely.
6. If you've overclocked your CPU/motherboard/VGA, reset all speeds to factory settings. This will help alot.
I've noticed that you have a Core 2 Duo and an X-1900 GT. These 2 components together account for about 300 watts of the avaliable power your PSU has. Don't get me wrong Core 2 Duo is efficient on a per core basis power wise but not as a whole. Core 2 Duo pulls about 65-80 watts (total) and that X-1900 GT is pulling around 200 watts. Could just be that your PSU isn't big enough for your system.
Just be patient, calm, relaxed, and keep diagnosing it and you'll get it fixed.
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My system:
AMD 64 X2 3800+ OC'ed to 2.2 Ghz, BFG 7900 GTX 512 mb OC'ed, ASUS A8N-SLi Deluxe, 2 Gb Kingston Value RAM CAS Latency 2.5-3-3-6, Creative Labs Sound Blaster Audigy 4, Westen Digital 74 Gb Raptor ADFD, 2x Western Digital 250 Gb Caviar SE, 3x Thermaltake Hardcano 14 HDD coolers, Thermaltake Blue Orb II CPU cooler, Zalman VF-Cu 900 Blue LED VGA cooler, Thermaltake Extreme Spirit Northbridge cooler, and a PC Power & Cooling 510w PSU.