I've got a friend's computer that I'm trying to repair and it does exactly the same thing. All the fans and the hard drive spins, but nothing gets on the screen. No POST beeps at all.
If something was wrong with the PSU, could the fans and hard drive spin anyway ? I know there is voltage coming out of it, I've checked one of it's HD connectors with a voltmeter and there is 5 and 12 volts on it.