Power's up and power's down over and over
Imac power up with apple logo but won't come on and then it goes off and start cycle over and over..
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Sounds like your power supply capacitors are failing.
You'll need to open your system up to inspect the power supply for the capacitors blistering or wetness on the logic board around the capacitors.
Apple and a few other companies got hit by a bad batch of capacitors from a vendor. Your system is at the time frame when this happened.
If you don't feel up to the task of replacing the PSU (its a bit tricky) think about getting it an Apple Store as they may reduce the cost of the repair if it is one of these bad PSU's.
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