Go back to the most basic setup you can imagine...
One memory module, one video connection, and a cd or a simple hard drive... or an external floppy drive with a Windows 98 disk.
Attempt a boot.
If no boot, change to the other memory module. Attempt another boot.
The idea is to try various simple boots, and avoid using the hard drive if you can... use a different hard drive known good with Windows 95 or windows 98 installed... or boot to a floppy boot disk or a CD with Windows 98, 95, or ME disk on it..
Motherboards are pretty solid, and the Intell is one of the better ones. Processors rarely go out.
Common failures are (1) dead memory module, (2) failed power supply, or (3) bad hard drive. Very often if any of those three are bad, the computer will not start up.
Testing the power supply is more difficult. Once simple test is to watch the back of the power supply with a strong light. Have somebody else press the <ON> button while you watch to see if the fan blades on the power supply turn. If they turn only 1/8 turn to 1 turn and quit, the power supply is usually bad and is the likely problem.
Better yet, buy or borrow a power supply tester. They cost anywhere from $9 to $29, depending on quality or complexity.