As sparkmaker noted, the 5v standby power is active ... but that does NOT mean the power supply is good; so I would do a bit more testing.
A very high percentage of the time the symptoms you've described are caused by a bad power supply. It's interesting that you said it would start another PC => but that you also said all of the leads on the P1 connector were at 5v. There should be 3 orange wires at +3.3v, and a yellow wire at +12v, in addition to the red wires at +5v (all relative to the black ground wires). The pinouts are shown here: http://support.dell.com/su
Since your system (unlike many Dells) uses a standard ATX power supply, you can easily confirm that it's not a power problem by using another power supply => just be sure it's a standard ATX supply.
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by: sparkmakerPosted on 2006-09-24 at 17:43:46ID: 17589059
The only thing you haven't replaced or tested is the CPU. The green light on the motherboard is an indicator that the 5v pullup signal is getting to the motherboard from the PSU and tells you that its ready to power up. No error beeps with the ram pulled , And having tested the PSU on another computer,certainly points at the motherboard or CPU.