PC won't boot - where's it gone wrong?

No problems with the power, all the PC components appear to switch on - all except the monitor. The PC never begins the boot process - the HDD activity LED just stays lit continuously - and the machine just whirrs away apparently doing nothing.

Fairly sure its the motherboard, I've tried removing/replacing other components and nothing changes. Plus - no BIOS system beeps, which should occur if the motherboard is functional surely?
 
Try another PSU. PSUs lock up and when there's not enough power, it doens.t boot. What the wattage (W) on yours?
 
500W. And its less than a week old.

I tried a 300W PSU from a different machine in my house (which definately works), and nothing changed. The HDD activity LED seemed to be slightly dimmer, thats it :(
 
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