No power even after replacing power supply

I have a desktop PC. When I press the power button the hard drive activity light blinks and nothing else.
I have opened it up. there is a light on the motherboard labelled 5v that is constantly flashing.
I've reseated the memory and there are no PCI cards.
I ordered a new power supply and installed it. No difference.

Can anyone think of anything else that may be causing this? Will the motherboard need to be replaced?
cah00tsAsked:
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keithslaterCommented:
Your motherboard might be dead.
c661jmbCommented:
Remove memory,
remove CPU

Refit CPU
Refit memory

Remove Reset Connector from mainboard

If Video card is AGP/PCI - Remove and refit.

Try again.

johnb6767Commented:
Look on the mainboard for bad capacitors......

Http://www.badcaps.net for examples.....

But definately agree with keithslater
nobusCommented:
try booting with the minimum setup : mobo + cpu + 1 ram stick, video card, PS  -->  any display ? if no, then 1 of the connected is bad, swap out 1 by 1

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cah00tsAuthor Commented:
Thanks all for the advice, it seems to be the motherboard, I'm gonna write off this machine not worth replacing motherboard.
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