Sometimes a faulty (burned out, in this case) peripheral like an internal modem card can stop the pc from starting.
Strip your pc down to:
cpu + heatsink/fan
memory
gfx card
- thats right, disconnect all PCI cards, and IDE ribbons and power cables - it could be your CD-ROM drive thats dead, and sending invalid data down the ribbon, or taking all the power from the PSU.
If you PC starts from here, plug things back in until it doesn't work.
If it still don't work at this stripped down level, then remove the GFX card, and test - listen for BEEPS, if none then remove the memory. Hopefully you should get beeps. When the beeps occur AFTER the removal of an item, that item if faulty.
If there still isn't any beeps, then the MB has fried somewhere, sorry.
In any case, you will have to replace at least one item.