My laptop won't power up. I have removed the battery and tried starting it, nothing. I removed the AC source and tried with only the battery and nothing. I noticed the led is a little dimmer than normal though. When I had tried both scenarios from above this led stays lit for approx. 5 seconds then goes out. Is this an internal issue? and can it be fixed inexpensively? or is it time to purchase a new one?

Has the laptop been damaged? Dropped? Same on battery? Remove battery, try AC only. Try another cord/charger with the EXACT same power specs. Reseat Memory mods. Test the DC volt output, at the laptop plug in, with a multimeter. Power issues are difficult to diagnose long distance.

You may have already done this, but remember many laptops require that you remove the battery for about 30 sec. as
well as disconnect the AC power to reset them.
Always try this when everything appears completely dead.

Source: pcsupport.com <<<and it's worked

The power supply may not be putting out the correct voltage, and since the battery has been removed, "rule out" sub out the ram one at a time testing as you go, if no luck! remove the hard drive and reseat it back in place, still nothing, the motherboard is the likely source, I recommend having it assessed.

It happens when the NB was not properly shutdown, NB was turned off due to battery drained and left idle or worst there is a problem with the mother board. You may try this; Turn OFF the laptop, remove the power sources (ac adapter and battery). Without power sources, hold power button 10 secs. Put back the power sources, and power ON the NB. If the laptop will not boot by doing this, take it back from the reseller for replacement.

1.Try to unplug the ac adapter (charger), remove the battery(located on the bottom) and without the power sources (w/o battery and ac adapter), hold down na power button 10 secs. Put the power sources back and turn ON the laptop. If not, go to 2.
2.Follow http://support.microsoft.com/kb/304449

Remove all power sources.
Remove hard drive and Ram.
Fit AC adapter and press on. If the laptop complains as there are now no periferals, power down the laptop.
If it still dosn't power up at all, you have a motherboard fault and cannot continue. A Toshiba Computer Repair Cetre will help you out.
If it did work;
Disconnect power source.
Fit RAM and try again. If that still works but now states that there is no OS, power it down and with power source removed fit the hard drive.
Power up again with AC Adapter. Hope fully all now should be well or at least you now know where your fault lies.
I hope that helps.

Change your AC charger.
It's NOT charging "When the laptop is plugged into the AC, the power meter in windows tells me that the power source is still batteries, and the battery level drops by about 1% every few hours"
That's the reason why: "battery has completely died"
If you do not change it you'll continue to "still it gives me the same low battery indication and will not turn on. "

Try removing the battery and try it just on AC.

What happens exactly? Does it turn on but nothing happens or is it not even powering up at all?

If it doesnt power up at all then try another AC adapter.