|Not Good... You said New, if it is truly new then it has a warranty so I would recommend trying to pursue that avenue first.|
With the switch on the lower voltage, the power supply is almost positively fried, the question is whether any higher voltages leaked past the power supply to the motherboard and other components. The answer is possibly. With a cheap power supply, that possibility would be greater then with a better quality power supply. If it turns out that you have to repair the system or at least pay for the repair, I would first open up the system and give everything a good look over with a strong light to look for burnt or bulging components and don't underestimate your nose in deciding where the burnt parts are. If all visually looks good and the only place the smell is coming from is the power supply, I would try swapping in a good power supply and test the system.
You have to be a little bit crazy to keep you from going insane.
message edited by Fingers