Help me save my desktop. T_FAULT led lit up red

I will give you a brief overview of the problem...

I put together a PC and decided to go with the X1900XT and everything was good. I ran this system for more than a year and a half until one morning I woke up and computer was unresponsive after I turned it on. Just a blank screen. No bios and as far as I can tell, it doesn't POST but I don't have an internal speaker so I never heard a beep anyways. My friend told me it was like that when he tried to turn it on that morning as well. Not 100% sure if the problem isn't something he caused but he denies it.

Once it powers on, the fans are moving the harddrive spins but the monitor remains blank, my optical mouse doesn't power on (the red light for the sensor) and my keyboard also doesn't power on. Now the mouse and keyboard issue is fixed if I push the reset button while the pc is powered on but the monitor remains blank. I decided to try and find out what the issue is.

I opened the case and powered on the pc. Same issue but I noticed a red led lit up on the graphics card and have never noticed it before. It's labelled T_FAULT. I reseated the card, checked all power plugs and even went so far as to remove everything from the case and boot it outside the case. Seemed extreme but someone suggested a case may be touching the motherboard. This did not resolve issue. The problem is, my motherboard doesn't have an AGP and I don't have a PCI videocard to try and narrow the problem down. Also, I have read that it has to do with the power supply but I have no way of testing that either. I did check the monitor with an older pc I have, it works fine.

Has anyone one come across the issue? There seems to be very little documentation on T_FAULT and since my videocard was a 3rd party vendor card, ATI won't support it and the vendor claims the card is out of warrenty. I'd like to try and salvage as much from the PC as possible as the build cost about 1000.00