No Master reset. There is a reset button on the wii but his only works if your wii turn on.
But there is a fuse and I think the fuse is the problem if you think your power supply is good
Buy a tri-crew drive ship on ebay $2
fix it by your self because you have no warranty (it is 6 years old)
open it up then replace the fuse
here is where the fuse should be http://i47.tinypic.com/2lbko7b.png
This will also help to open up the wii http://www.ifixit.com/Guide/Repair/Repairing-Nintendo-Wii-Drive-Board-Fuses/4029/1
Make sure to order the fuse with the screw driver too. It should cost you less than $10
If you don't want to replace the fuse, just use wire and solder the two solder pads for the fuse but this method is bad.
Please rate if this helped you.
Here is a much easier solution that works has worked for a lot of people (including myself) if there was a power outage:
http://www.youtube.com/watch?v=sLGCp3KP_vQ
Just unplug all cables from the Wii and power source, wait at least 2 minutes and plug the wii back in....
Locate the "reset" button on the front of the Wii console. Hold it down for a few seconds to reset the device.
Wait for the home screen to appear, then hold down the "power" button on the front of the Wii until the power light turns red and the Wii shuts down.
Unplug the Wii's power supply from the wall outlet or power strip.
Leave the Wii console unplugged for at least five minutes. Reconnect the power supply and press the power button to turn the Wii back on and complete the hard reset.
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