I know most of how a CPU works, it's not that interesting. Most have 2 transformers with different taps at different numbers of turns to provide different voltages. They have diods to turn AC into DC (rectification). They have filters (Capacitors, which act as a buffer, and sometimes inductive coils, which block high frequency line noise). The rest is a bit more complicated. For example they have these transistors that controll voltage level (fine tune what comes out of the transformers), I believe they're called MOSFET's, those are attached to the sinks. Some have thermal protection, smart fan control chips, and overload protection, those are chips I'm not familiar with.
The most likely part of a power supply to fail is the capacitors.
Hmm, I actually had a manual on ATX12v power supply design specification, I might have downloaded it from formfactors.org...I deleted it yesterday.
<font color=blue>Only a place as big as the internet could be home to a hero as big as Crashman!</font color=blue>
<font color=red>Only a place as big as the internet could be home to an ego as large as Crashman's!</font color=red>