I have to agree; sounds your power supply is on the fritz.
There is something you should check before you go out and spend your money. Try this, see if it works.
1) Unplug the power cord from your computer.
2) Look for the red switch on the back close to where you unplugged the power cord. It should say "115V" if you're in the US or "230V" if you're abroad.
3) Pull the switch to the left or right so it reads the opposite value. You can use a ballpoint pen to do it; it's kinda tough to get your fingers in there. Then pull the switch back to its proper value.
4) Plug your power cord back in to your computer and try starting it up again. If it works, you should be fine. If not, you'll need to replace your power supply for sure.
Since your power supply is connected to *CENSORED* near everything in your computer, you should definitely check everything else inside the computer for scorching or burn marks. Anything that has that kind of damage should also be replaced. I hope that you won't have to replace anything else; that can get very expensive in the end.
Of course, if you heard your computer make a popping noise when it died, just ignore my advice and get a new power supply. 
