This happened to me recently - the power supply was firing up and then failing and producing a Power Not OK signal telling the computer to turn itself off. The power supply would recover and switch everything on again - the frequency was on a 30 second cycle.
A used PSU from a computer shop cost me £20 and four screws and two plugs had it changed in a few minutes. My original PSU was 450W but I was convinced I didn't need that much and the new PSU was just 350W. If you have added lots of stuff it may be wise to exchange like for like. More watts usually means more £££.
Good luck...
Peccavi, July 2009