Yep..it's simple. The fan is bad and should be replaced before you attempt to power up again. Make sure you re-apply the heat sink compound or that's not all that will come to a screeching halt.
and life goes on...
I have a Gateway model 564GE. It has two 512mb sticks of pc3200 ram, 200GB SATA HD, a pentium 4HT, and a cd and dvd drive. I wanted to add a the ATI x1800xt and Creative X-fi platnum sound card. In order to add the sound card I had to have a case that had three 5.25inch bays, and for the video card I needed at least a 450 watt power supply. The power supply I purchased is an antec smart power 2.0 500 watt.
When I took my components out and transfered them to the new case and added the new power supply the computer will not start. When I turn on the power the processor fan fan will spin for a about a second and then it makes a screetching sound for a second and then nothing. There is probably something really simple that I am forgetting to do.