On booting my PC up this morning I saw a flash through the fan exhaust of the power supply. When I turned it on again I've started getting an annoying high pitched squealing noise that I cant tell whether its coming from the PSU or GPU. My graphics card is a EVGA GTX660 and my power supply is a Corsair TX650W. I tried swapping the graphics card with another I had lying around and the noise was still there only a little bit quieter. The noise happens most when anything graphically intensive is being done. Does this sound like an issue with the power supply or the graphics card and is it possible to RMA them over this?
It is very likely that your psu has gone bad. That noise is most likely coming from your psu, and the reason it gets quieter when you swapped the graphics card is likely because the second graphic card uses less power, thus putting less load on the PSU. As ahnilated said I would not use that psu anymore. A flash coming from your PSU is definitely not good, a capacitor could have burst or something.