How many other drives have you got running?
Have you got many USB peripherals plugged in? or firewire?
How many pci slots are taken up, and what with?
All these use power from your psu.
Try unplugging as many peripherals as you can - leave essentials - vga/hdd/ram/cpu!
take out floppy/cd/dvd/modem/etc.
disconnect all usb
see if this seems to stall the problem.
IF yes, then, plug back one at a time to see what happens.
IF no fix, then, either the psu is really dodgy, or, a dodgy earth somewhere.
for instance,
If, when the system is off, you gently shake the case, can you hear screws rattling?