How can I properly test a motherboard to see if it's working?

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One of the computers here at work has died on us, and an oxidized smell fills the room, only verifying what is obvious.....the computer will not post. My first thought was that the power supply had burned out, but after a quick check, the heatsink fan, PSU fans (2 of them on our PSU), and cd-rom still power up. However, the rear 120mm outtake fan wasn't working anymore (a switch with the molex to the working cd-rom proved that the fan didn't work), and the computer has been sitting in a small space between a desk and a wall. The computer does not have an intake fan on the front of it to facilitate good airflow, only the outtake in the back which wasn't working (didn't know this until now).

As best as I can smell, the smell may be eminating from the capacitors and resistors next to the CPU, although everything is so close in there, I can't completely come to this conclusion. If I put my nose up to the back outtake of the power supply, I easily smell it, but the PSU contains a bottom outtake inside the case, which could just be bringing the smell my way.

So, is there a way I can test this motherboard to see if it's the problem? I can't easily stick it in another computer to test it, as it's the only Socket754 mobo in the place. If not, I may just have to buy a new mobo locally, and hope they'll take it back if it turns out not to be the problem.

Thanks guys.