Sorry to tell you this. The signs and symptoms you describe are typical of a full failure.
eMachines are infamous for doing this in 28 different models, but the T-2885 is among their three worst. In most cases, it is a failed motherboard. Cannot be fixed.
You will meet people, talk to technicians, and read reports that it is a power supply problem.
But it is not. It is the motherboard, and the failing board, destroys the power supply.
The only fix is another motherboard which eMachines sells for $159... but they are out of stock. On purpose. The hard drive, memory, modem, cpu fan, and spu are likely still good but the power supply and motherboard will never work again.
You can save money by not paying to have it fixed. Get a new computer. Then buy a USB enclosure in which you place your old eMachine hard drive to rescue data if it is valuable.
You can only make the driver work in another computer buy using a Full Version of Windows XP, not an OEM version... then you can run that Windows in repair mode.
But using the enclosure, you can drag and drop all your data to the hard drive of a new machine.
You don't need a new machine. You can get a quality used machine for $100 to $200 that will beat the pants of the eMachine...
AT least your got 3 to 4 years out of it... most users had theirs fail within 1 to 2 years.
Captain Cranky is the last defender of eMachines. You may hear from him.