That sounds like the RIFA brand AC line filter capacitor blowing. Cheap and easy fix provided you have a soldering iron and the long Torx driver to get at the screws in the handle. :)
Do you have a guide or something on how I can DIY this? I know soldering from my past military experience. The Mac has been in a shop for 8 months now "waiting on a part", I'm considering reclaiming it and repairing it myself, but I know nothing about the details.
There is a lot of nostalgia invested in that thing, it was my family's first computer and my own personal first experiences gaming and programming.