PC fails to boot after power outage.

A week ago I was playing games on my stationary PC when the power went out (it was only our house) and when I turned the power back on, the PC wouldn't boot anymore.
At first when I tried to boot I could see all the fans spinning and I could hear that something was working (not too sure what) but there were no "beeps" to indicate that the PC was actually booting.
Then I tried turning off the PC and unplugging it from the outlet, leaving it there for a short time then tried rebooting but by then only the fans were turning on and NOTHING ELSE.
Lastly I tried unplugging it, holding down the Power on button for about 10 seconds, then boot after an hour or so and still the same as above.

I do have a surge protector.

Can anyone tell me how I can check which part has failed? I really don't want to take it to the local hardware store to get it checked out (it costs too bloody much) and I don't want to go purchasing new parts before I have located the fault.

If it doesn't beep, USUALLY it means the worst:
Motherboard failiure.
When my mobo has broken, i had the same symptoms as you.
One time it was a loose atx24 pin connector (the big fat one), so try checking for that.

Does your PSU have a On/off switch at the back?
If it does, set it to "off", press the on button, and then set the psu switch to "on" and boot.

What are your system specs?
What PSU do you have?

http://www.fonerbooks.com/cpu_ram.htm

try to reseat the memory

Are you 100% sure that it's the motherboard? I have read in many places that running fans and flashing LEDs do not indicate that the PSU is fine.

My PSU is HKC USP5580
System Specs: Mobo - MSI (not too sure of the model)
GPU: GeForce 9800GTX+
4 gb RAM
Windows XP Professional SP3

Right now when I boot it (after turning off the switch and pulling out the cable) the fans turn on for 2 seconds, goes off, then comes back on by itself after a second. Still no beeps. Also tried removing the battery, no luck.

Hmmmmm.
Does your PSU have a switch at the back?
Malmental could be right.
If you have a crappy old PC lying around, and have a 350 watts or more PSU in it, take it out, and try putting it into the "broken" system.
If it boots, then our power supply has broken.
If it doesn't, get ready to buy a new / do a warranty replacement on your mobo.
Also, remember that having a good PSU is VITAL for the protection of your computer's components. When the power goes out, if the psu is of decent quality, normally it will protect your components.
From experience, always buy good brand PSUs. I'm having problems with my unknown PSU as of now...

Ok, that's good news
(do this without unplugging the PSU cable)
(Also, do this only if the switch is a "On off switch" if it is a red voltage switch, do not touch that, as if you do and try too boot the PC; it could blow :S)
Flick the switch at the back to the "off" position
Wait alil
Then with the switch still in the "off " position,
push the computer's power on button
wait a lil
FLick the PSU switch at the back to on
Then boot the PC
It SHOULD work.

i must quote myself since it seems to be falling in that direction:

" it's worth a try ain't it bro but here's the thing,
unless you have another mobo or psu sitting around that means you're going to have to buy one, right.?
so if that's the case then look for an upgrade and try and kill to birds with one stone..
meaning - if you gotta buy a psu look for brand name like Corsair psu's, get it.?
example for your motherboard, why get the same one if you have to get another.?
maybe look for a asus board or maybe gigabyte.? that would be considered an upgrade.
hence you 'd be 'killing' two birds with one stone.'
either way, it's one of them and you need some way to test and see which one. "

Oops, read your message wrong, sorry mate

motherboard on the next payday..
or what are your plans now.?

it's easy bro and will save you money but, I understand.
keep posting..

get the upgrade.....
you'll hate the downgrade option, it's worth it, just maybe not from your pc shop..

it's funny how the card brought you down like that.
usually the norm if there is such a norm to hardware failure gives off different signs of video card failure.
enjoy the reason to and upgrade...