i'm having the exact same problem with a gateway laptop.
whether the power is coming from the ac adapter only or the battery only, the same thing happens. pushing the power button, the led right next to it will blink with the wifi lights on the front. it will blink twice (within a few seconds of eachother) and nothing will happen.
i've completely disassembled the laptop, dusted everything out, reapplied new thermal paste on the processor/chipset. a visual inspection yields no physically damaged components or evidence of anything burning. the ac adapter voltage tests out fine. kimsland, i took the button cell battery out for about 30 mins with no luck.
lately i have been trying to read up on voltage regulators, fuses, etc. there is a 5A fuse next to the dc jack, and a 7A fuse next to the battery connector. i will test these next.
anybody have any suggestions? also amirni21, did you end up fixing this problem? if so, please share.
any help is much appreciated. thanks.