Np, I could be wrong too of course
Generally a hissing sound means a short circuit of some type or other, I'm almost positive it's the Power Supply Unit, my roommate and I have had quite a few of these cheap PSUs to power our various servers and media center PCs and they tend to be really bad quality and hiss or completely die on us.
My recommendations would be to get a new Power Supply Unit, and not a cheap one, you can pickup a decent 300W to 350W PSU for 30$ to 40$, anything cheaper then that and I can almost guarantee it'll be back quality