computer not turning on

[robzilla]

hi, i need some help determining the cause of this problem:
i turn on my computer and nothing happens, a red light on the front comes on, the cpu fan starts, there's a small led light on the motherboard that comes on but nothing else.
by turning it off then on about 10 - 15 times, the computer fires up.
could this problem be the power supply?

any ideas?

thanks