Due to your diagnosis, it sounds to me like Power Supply failure.
Weak Voltage power rail.
Not enough power to keep the Processor on.
(In this case, No, re-installing Windows in a Repair, will not fix the problem)
Lights will light, and fans may spin, but there isn't enough power for the Processor.
1) ALL the lights use less than 1 Watt of power.
2) EACH fan uses 2 to 3 Watts of power.
3) A typical Processor can use 51 to 125 Watts of power. Depends on what Processor it is.
(For example, if this Optiplex GX260 was ordered with a Pentium 4, 2.26GHz Processor, {Socket 478}, it can use up to 58 Watts,
http://en.wikipedia.org/wiki/List_of_Intel_Pentium_4_microprocessors#Northwood_.28130.C2.A0nm.29
If this computer, and Power Supply are dirty inside, it's a pretty sure bet the Power Supply is bad.
Test the Voltages of the Power Supply to see if they are correct. Specifically the 12 Volt power rail.
If it is 11 to 13 Volts, it's okay.
Less than 11 Volts requires replacing the Power Supply.
Test can be done with an inexpensive multimeter, or a power supply tester.
One example of a power supply tester,
http://www.tigerdirect.com/applications/SearchTools/item-details.asp?EdpNo=5250576&CatId=5471
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