This is a 1.0 Xbox that was found with a dead 110v PSU, most likely plugged into 220v. I swapped the PSU with a good one. When I press the power button I get rapid flashing green light, no fans, no boot, no FRAG. It had a leaky clock cap with some messed up resistors near the cap which were replaced from a doner board after cleaning the area, no change. Traces look ok. I swapped the 5 1500uf caps with new ones, no change. Power at the first N FET input is 5v when the power on button is pressed and around 1.8v on the output. I swapped the fet from a doner board, no change. Voltage on the two resistors near the yellow power button cable show 3.5v and drop to around 2.5v when pressing the power button.
Not sure where to go from here...