I just got a new Achieve 550W PS that seems to be mostly dead. When I turn my comp on, the only thing that happens is the little LED on the motherboard turns on (as normal) but the rest of the system remains dead. I can "turn it off" with the case's power switch. Here are the voltage measurements:

+5V level= +0.35V when first turned on, then slowly drops to 0V
+12V level= +0.85V and holds
+3.3V level= +0.2V and holds
-5V level behaves the same as +5
-12V level behaves the same as +5
PS-ON= 4.9V when off, 0V when on (normal)
PW-OK= 0V on or off

Is there something that can be done to get this PS to work or is it a lost cause and I just got bitten by a crappy "budget" power supply?

To quote my favorite TV doctor...

"He's dead, Jim"

Return it.....