It's odd, because I've never had issues with those power supplies before. My guess is that it was just sitting out too long. The power supply that's in there for now is a Master Power psu, but the wattage is too low. The computer turns on for a few minutes then shuts off, so I'm thinking a 500watt will probably do the trick.
As for the old psu, it may not be the unit at all. A few reviews said this particular board is extremely picky when it comes to things like RAM, power supplies, and video cards. For future reference to all people on this site, it's a DFI Lan Pary motherboard N series.