It's a power supply failure.
Here is the list of beep codes for your PC:
Power LED # Beeps Event
Steady green None S0 System on (normal operation)
Blinks green @ 0.5 Hz None S1 Suspend
Blinks green @ 0.5 Hz None S3 Suspend to RAM
Off (clear) None S4 Suspend to disk
Off (clear) None S5 Soft off
Blinks red 2 times @ 1 Hz [1] 2 Processor thermal shutdown
Blinks red 3 times @ 1 Hz [1] 3 Processor not seated / installed
Blinks red 4 times @ 1 Hz [1] 4 Power supply failure
Blinks red 5 times @ 1 Hz [1] 5 Memory error
Blinks red 6 times @ 1 Hz [1] 6 Video error
Blinks red 7 times @ 1 Hz [1] 7 PCA failure
Blinks red 8 times @ 1 Hz [1] 8 Invalid ROM checksum (error)
Blinks red 9 times @ 1 Hz [1] 9 Wrong...