I tend to go along with the PS, as joec2780 and myself have mentioned, but let's talk IDE devices; how many are hooked up right now? Is the HDD (I am assuming it is hooked up) preloaded or is it a "clean" drive? Why don't you try to minimize the power requirements and see what happens. First, remove all PCI devices; sound cards, video cards (if not using integrated video), everything. Now unplug all cables from the CD drives and HDD. Remove the ATX power cable from the MB and then, using the Clear CMOS jumper (hopefully it has one), clear the CMOS. Leave it on clear for a few minutes. Then place the jumper back in the Normal position and plug back in the ATX power cable to the MB. All that should be in the system now is the CPU with HSF, the RAM (only one stick, if you have more remove it), floppy drive and video card (if applicable). Try to boot with a boot disk in the floppy drive. If it does boot, then shut down and start adding some of the components back, one-by-one and reboot a couple of times in between. I'm guessing that at some point (if it did initially boot), it will refuse to boot, thus confirming that the PS just doesn't have enough "juice" to meet the Hardware requirements. If for some reason it will not boot still, then try taking the MB out of the case and setting it on the anti-static foam it came with and try booting with minimal components then.
You might also want to look at a good quality 300 watt PS. A decent, non-pricey option would be a Sparkle 300 watt. I have used these with good success on several ECS boards.