Okay no bulging anything. Connectors removed and replaced and checked... Still nothing...
Pooky if it's not the PSU then I can only think of the Motherboard. Usually these symptoms are PSU related though.
What happens if try and fire the PC up with minimal stuff connected (CPU, 1x ram stick, main HDD) and disconnect the GPU, dvd roms, extra hard drives, ram etc?
Also double check the capacitors again.