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Do you see any other text on the screen besides the Acer logo? Can you get into the BIOS settings (usually the "delete" key or one of the "F-keys" as soon as the PC is started).
If you can't get into the BIOS, then more than likely the CPU is gone. If you can get into the BIOS, then either one or more RAM memory sticks is bad, or the hard drive is bad.
To find out which, do as the poster above suggested and load a free Linux Distro (Linux Mint) onto a bootable DVD and you should be able to easily tell if your RAM or hard drive is bad.
When you load the Linux distro from a DVD, it will load into the RAM. If your RAM is bad, it probably won't load. If it does load, then you can try mounting your hard drive to access files to see if the hard drive is bad or not. I'm sure there are some Linux programs to test memory if you do a quick search.
reply to post by _BoneZ_
Yes, very true. Just going off of what I've seen when it's just an underscore, it can't find the hard drive, if it can find the hard drive it would load to a black screen and say something along the lines of "OS can't be found" or something like that. But thanks for mentioning that. A handy program that might want to be used would be Hiren's Boot CD. It's free and has just about anything that would be needed to diagnose any issues.
If you get the ACER BIOS logo and a flashing underscore, then it is not likely to be a CPU problem (the BIOS program that displays the logo requires a functioning CPU).