The mobo getting power could be anything. I would first check for blown caps, on the mobo and the psu. The rail powering the LED could be good but another rail might have bitten the dust. Did you smell anything hot or burning after the sound?
The only way to troubleshoot a power supply is either get a ATX psu tester or try another power supply. Taking the bad unit to another machine might fry that machine too so it's not advised. I would find a power supply laying around or try to barrow one. Depending on the brand and age, it might not be a bad idea to upgrade.