Powersupplies die all the time and can lead to a wide range of problems. But unless it's a surge I've never seen a powersupply so bad that it will start the fans but not post. Dead supplies usually appear normal but when you try to put a load on them they can't keep up with the wattage demanded of them. I am glad you found the problem. This is the first time I've seen the powersupply this bad. Usually when powersupplies start to die, things start happening like blue screens in windows, certain drives not recognized, missing files reported by windows, etc.

Glad you're fixed.

Hi, phr0ze, this is the first time I heard of dying power supply since I am a beginner (like dying car battery?). I did notice A: drive was hard to recognize earlier then just went out right before post went out. Thanks to let me know.

Well its not like a dying car battery but same idea, its just where the components that carry the current and convert it to be used to each device wears out of sorts.