Currently Being ModeratedNov 1, 2012 5:49 PM (in response to Bailey M.)
That is highly likely to be your problem. They recommend replacing ALL the capacitors while you're doing it. You have to disassemble the entire iMac while doing the soldering (from what I've read, I've never undertaken the job myself), and you can buy kits for under $20 (google G5 capacitor kits). I think they also recommend reapplying the thermal paste to the processor.
It will probably need a new PRAM battery while you've got it open.
Of course there is no guarantee that the RAM and Hard Drive are okay, but they probably are.
Currently Being ModeratedNov 1, 2012 9:32 PM (in response to Rambling Joe)
Ok but as I said before, I was able to boot it into OSX. So I think the Hard drive and RAM may be OK, because it ran pretty well. I also think the PRAM battery MAY be ok I hope the capicitors will fix the pram resets and blue screens though. I will also look into re-applying the thermal paste. I have seen some videos on how to take the logic board out and praticed myself. Also I have another question, what happens if the capacitors are too tall or the soldering iron is not hot enough?
Currently Being ModeratedNov 2, 2012 12:30 AM (in response to Bailey M.)
The following link has a rather lengthy discussion about doing this repair. Down in the comments from readers, was a comment about the tight fit of the capacitors, and somewhere else in the article was talk about the soldering gun, and the tips for the gun needed to get into the tight areas of the motherboard.
I hope this helps.