Ok, an update. I managed to pick up another dreamcast for only one buck more than the last one. When i tested it this one turned out to have a broken gd rom drive. But at least the console itself was working. So, while i was at it, i tried putting the new power supply in the old machine. Same problem. Therefore, my worst fears have been realised. Something (probably graphics chip as northerngames suggested).
Still, i made one out of two by taking out the gd rom drive from the old one.
CCM, I forgot to mention it on this thread, but i am in Australia. DC's go for way over 50 bucks- for broken ones! So it is definitely worth my while having a play, since freight from overseas is a killer on large packages.