|Possibly. But it could just as soon be a faulty powersupply or some other component such as a faulty drive preventing bootup.|
The starting point should be powersupply. Fans etc can still run even if the unit is partly failed.
Disconnect all drives (both power & data cables) as well as all USB devices. Leave only Motherboard with CPU and Heatsink/fan, 1 stick of ram, keyboard & graphics.
Can you boot up into BIOS and get any display? From some reading I've done it seems that motherboard may not have an onboard peizo for bios beep tones so that makes diagnosing problems that little bit harder.
Goin' Fishin' (Some day)