Well, in my case the fan was a 12V version. However, it was connected to a +5V output (this output looked like a jumper on the PSU, think it was meant for an indicator LED or something...
From the PC modding scene I know you can run a 12V fan at 7V (by connecting it between +12V and +5V, this gives +7V to the fan, it will just run slower/more silent) but 5V.....it very low to keep a +12V fan moving...
Anyway, I think because of this plus the fan getting dusty/old it presented a too high load for the +5V and blew a thyristor on the PSU. When I disconnected the fan and replaced the part the machine worked fine. I stupidly reconnected the fan (didn't know it was causing the part to blow yet) and when I started up, the same squeeling sound from the PSU again and no game.
So then I knew I'd had to replace the fan which I did, and I connected it to the +12V instead.
See my original thread here (even older, from 2005

):
http://forum.arcadecontrols.com/index.php/topic,46549.0.htmlI miss that machine it was a lot of fun to play ! It also looked great and the UK version has much nicer artwork than the US one IMHO:
