Dell Support > Precision 470 Workstation Desktop PC > Users Guide,http://support.dell.com/support/edocs/systems/ws470/en/ug_en/index.htm
Tools to Help Solve Problems > Diagnostic Lights,http://support.dell.com/support/edocs/systems/ws470/en/ug_en/advtrbl.htm#wp1057482
"A possible VRM 0 has occurred"
VRM = Voltage Regulator Module
Here is what the motherboard looks like,http://www.ebay.com/itm/DELL-PRECISION-Workstation-470-XC838-Motherboard-with-2GB-/140795014004?pt=Motherboards&hash=item20c8096b74
[Note* Posted for photo reference only. Not for advertising.
Besides, I do not see any VRM's plugged in. Means you get the motherboard only, and no VRM's. You need a VRM ]
What the Voltage Regulator Module looks like,http://www.thebestpartinc.com/kg229.html
(Again, not for advertising. Click on the photo of the VRM to enlarge)
Notice that your motherboard has two VRM's. This is because there are two Processors.
Apparently the VRM for one of your Xeon processors is bad. (Z-on)
Since it states VRM -> 0, it is for the Processor 0, or in the number 1 processor socket.
What does a Voltage Regulator Module do for a Processor?
A Processor MUST have a steady, 'clean' supply of voltage, AND it must be within the voltage range for the processor.
Since the motherboard uses an Intel E7525 motherboard chipset, it can support Intel Xeon processors, with up to an 800MegaHertz Front Side Bus. (800MHz FSB)
Looking at a typical Intel Xeon single-core processor, with an 800MHz FSB, let me show you it's voltage requirements,
1.287 to 1.400 (DC)
May be just a bad VRM.
However, I would also like you to look at the Electrolytic Capacitors on the motherboard. From what I have seen, those motherboards are notorious about having capacitors go bad.
Visual identification of bad Electrolytic Capacitors,http://www.capacitorlab.com/visible-failures/index.htm
For additional questions please post in a Comment.