Well that rules out the powersupply, which is generally my first thought when smoke is mentioned in conjunction with a computer. Now, you said this was due to the wrong kind of memory? Did you actually try to boot the computer with the wrong memory installed?
It's a blank screen, ok, but do you hear the computer booting up? (ie. the normal noises you hear when you turn the computer on, particularly the hard-drive spinning up) Since the heatsink fans turn on I am going to go ahead and assume that the motherboard is at least receiving power. If you can hear it booting up, hard drive and everything, then the video card or worst case the AGP Bus is shot (4-5 year old, I'm assuming it's an AGP card). If the hard drive never spins up, then the system isn't even trying to boot, which means something on the motherboard is screwed- something integral to the motherboard's operation (the primary bus, the BIOS, the memory channels, something...) and you basically need a new one.
Summary...
1. Doesn't sound like it's your PSU.
2. If it makes booting noises, it might be your graphics.
3. If it doesn't do anything but turn on the fans, some part of the MOBO is dead.
In the industry we generally consider 3 years to be the average lifespan of computer components, so after 4-5 years it isn't unreasonable for things to start dying.