A friend of mine asked me to take a look at his computer because one day the fan speed started oscillating, it turned off while running, and never turned on again. He brought over his computer and some pizza and I started to prep the machine for an inspection. With the computer on the bench I tried to remove the power cord but encountered a broken flange on the C14 bulkhead socket and the cord was stuck in the power supply extremely tight. I put my thumb over the flange to hold the socket in place and rocked the plug back and forth while it crackled like brittle plastic and slowly loosened. In my head I'm wondering if a can of coke got spilled in this thing.
Once I got the power cord out I had an idea of what the problem might be: http://imgur.com/a/I3imi - I'm not quite sure how the smell stayed under the radar but that sure looks like it got hot. The cause of failure is likely to have been the cord being inserted loosely because the computer was moved in the last few days, the power supply fuse is not blown, and no internal parts look failed.
I ordered some new bulkhead sockets and should be able to get this power supply going again for a few dollars and a few minutes of soldering. I've certainly never seen something like this before!