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i don't have any great ideas but it sounds wacky.... by wacky i mean things that shouldnt happen.... i / e boot from cd.... it would be something if both your hard drive and cd drive failed.....
i would start be cracking the case. after you check all the normal crap check the capacitors on the motherboad ALL of them... check if they are buldging or leaking.
if you are unfamiliar with leaky capacitors the top of the cap there will be silver with an X (some have a K) they should be flat NO BULDGE and definelty NO LEAKS you will see orange goo if its leaking. It was a different model that had this problem but experienced some of the same symptoms.
and if your out of warranty dell will still replace the board.
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