Are you getting any beep codes before it reboots? Did you clean the old thermal paste, and reapply new?
Try Breadboxing your PC: Pull the MB, HDD's, Vid, DVDrom, RAM, and PSU out of the case. Set the board on the motherboard box, connect the PSU to the bare motherboard (with CPU), and use a screwdriver to jump the power pins on the board. Did it beep? If so, power down, and connect the vid, and power up again, did it beep and display? If so, power down and insert the RAM, power back up, did you get a beep, and/or a display stating no boot device connected? If so, power down, and connect the HDD, power up, did it go to windows? If so, power down and connect the DVD, then boot back up, did it get to windows again? if so, you have a grounding issue within your case.
Basically this is a process of elimination. If it doesen't beep with just the MB, and CPU attached to the PSU, then the PSU is bad.