XServe won't start, has power but light won't come on or boot.

I have a XServe that was working fine until I restarted it. It powers on and has network activity (lights blinking on the back) but when I push the power button the fans spin up and it sounds like its starting up but the light next to the power button doesn't come on and it never boots up.

I've tried resetting the PRAM, changed out the battery, and tried using the CD to boot but nothing seems to be working.