Your power supply could have anything wrong with it....
What we do know is.... the core piece of equipment that regulates 110VAC into a +12, +5, -12, -5, which is used by your motherboard starts to go haywire..... you are running a risk of sending the full 110V into your motherboard... which neeless to say will send smoke all over the place and you have a harder to situation to handle.
I'd get that PS replaced.