Motherboard shortout?

I was benchmarking my new gtx 460 with furmark when my pc suddenly shut down, it wouldnt start up again so i switched the power cable to see if the lead was faulty. As soon as i switched on my psu there was a flash and a little wisp of smoke from the psu. I presumed that my 500 watt psu couldnt handle the energy demand, the fuse was blown in the psu so i went out and got a 700 watt monster psu (much more than i needed) and stuck that in. What happens now is whenever i attempt to switch on my pc all the fans move for a fraction of a second and then nothing. I fear that my mobo or processor may have been damaged in the shortout. I have tried:
Reseating the ram
Using a different gfx card
Plugging in to a different wall socket

Power is reaching hardware as the fans turn for a second, could i have wired up my psu incorrectly? Is my mobo or cpu kaput and how can i be sure?

Specs: win 7 64
Gtx 460 768mb
Intel q8200 @ 2.33 ghz
700 watt psu
4 gigs ram
Gigabyte ga 73pvm s2h

Any help would be appreciated:grin: