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Probably hardware failure. To test that remove all disks and extra components and try again to boot into BIOS. If you can't then you will know for sure. If you can then take the opportunity to change the boot order and put the cd first and the hd second. Now connect an optical unit and try to boot in a bootable disk, preferably a Linux Live-CD. If you can then the hard disk is dead, replace it.
OH YES!!! dont even try that not only will it damage your system it might also damage YOU!!! if you are worried about your power supply check the connections from the power supply to the motherboard WHILE THE SYSTEM IS NOT PLUGGED IN!!! and if all connections are connected SECURELY than try to plug it into a different outlet
Well, I think gateway is just a computer manufacturer, so if you are still under warranty, you could possibly get a replacement. But before doing anything, and if you are comfortable with doing so, open up the side of the casing, and take a look around, see if any cables seem unconnected.
If the power went out while it was on it may have been given a surge. If that is the case the motherboard is going to need to be replaced. Check the power supply connection on the motherboard if it is discolored then that is the problem.