That is the classical sound of a Switchmode power supply, detecting an "Over current" situation and shutting down, for "Safety" reasons, like fire explosion etc. I get these in the shop frequently, (actually they seldom get to the shop, more, we go to them, as they are so BIG) This is a common occurrence. But can have many, many causes, the Power Supply shutting down, is a "Symptom", of the actual "Cause". Unfortunately, as related there are many areas that can cause this to happen. It literally can be in any section, or part of the circuit. really, the only way to effect a fix, is to first get a Service Manual. It is well worth the price it costs to get one. Simply Google the name off your TV, and add the words "service manual" after,
Panasonic PT-53X54 service manual The manual gives service algorithms, to work through, to isolate the problem. It is still quite a challenge in any event. Rear projection TV's do have what seems to be a higher failure rate than the "Normal" TV's. Also they seem to be more expensive to repair. If you decide to get a repair ensure you get a firm "Quote" before proceeding. No "Quote" no job. If you choose to do it yourself.. good luck