A bad power supply, OR a bad motherboard. And I hate to tell you, but it's more common for the motherboard to fail first. Especially in those HP/Compaq slimline PCs.
It's because there's very little airflow, and system overheats and burns out. I've had many customers with the same issue.
The good news is you can still recover your data from the hard drive, just take the drive out, and hook it up inside another desktop with SATA connections, or get a SATA-to-USB adapter, they cost about $15
Blank screen and the power LED flashes Red five times, once every second, followed by a two second pause, and the computer beeps five times. (Beeps stop after fifth iteration but LEDs continue flashing.)
Cause Pre-video memory error.
Solution
1. Reseat DIMMs. Power on the system.
2. Replace DIMMs one at a time to isolate the faulty module.
3. Replace third-party memory with HP memory.
4. Replace the system board.
http://bizsupport1.austin.hp.com/bc/docs/support/SupportManual/c01363877/c01363877.pdf
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