Hi Anak, welcome to the site.
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Originally Posted by Anaksanamune
I have 3 16v 470uF caps that are slightly bulging and have brown crust on the tops, although I assume these are an older problem (should they be replaced?).
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Yes, start by doing this. It's a low-cost fix, if you have any skills with a soldering iron. (I most assuredly do not, but I know enough friends and family that are skilled enough to perform caps replacements on my behalf.)
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For the first 5 seconds once the power has been connected there is a loud repeated clicking noise that started with the breakdown (sounds like a relay), this clicking stops once the fan kicks in (and I assume the system has loaded).
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Open the unit and listen for a specific location, the origin of the sound. Is it the hard drive? (I hope not, for your sake.)
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Sometimes when plugged in the DVD / HDD lights will briefly flash on and then nothing at all else will happen at all.
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This points to the caps.
Keep us updated on what you find, regarding the clicking noise, after opening the unit.