Encountered several times - while repairing a PC and it's on then suddenly the PSU blacked out, but did'nt damaged the board except one - the PSU instead of +5V it's +9V, Yeah the Hard disk just smell and when I turned off the machine Hdisk is toasted
The CPU might be loose. Try removing parts except memory, vidcard, cpu and see if it will open, if not try another board b'cause your board might be the problem.
Good luck!