No. Nothing is working, the only sign of life is the red light on the motherboard.
can you list your complete system specs, including power supply...
there's no need to reverse the power and reset switches, as they're just momentary switches (they just temporarily connect a circuit to signal that the power supply needs to turn on and supply the components with power)
Good!
This means that there is an issue with one of the basic components, and it should be the mobo (something lose).
What you need to do is: Unplug everything not required to boot (i.e. all PCI cards, all drives).
Now, turn on ? same effect?
Next: Remove memory and turn on. If there is still no power to the system or CPU fans, then:
Reseat the CPU. I would recomend also applying new Thermal paste if you have a lil container of it.
Still nothing?
Could be the motherboard itself.
At this point. The CPU/PSU/or mobo could be at fault. The PSU is the easiest to replace (and you can return it if it does not fix your issue). After that, send your mobo back RMA.