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Absolutely. People do this kind of thing all the time. If you're transferring very large quantities of data though, you may want to consider linking your computers together via their Ethernet port, using a crossover cable. Use the network setup wizard to configure both on a workgroup, then...

That sounds like a classic failed power supply scenario to me, which is odd since you said you just replaced it. I find myself wondering if the power supply you bought as a replacement is also, by some crazy chance, also faulty. Did you compare the power supply's output levels to the amount of...