It was a free MB air, and it was entirely dead, it didnt even want to recieve a charge so it was worth a shot. I tried every "secret" key combinations, I even tried to "manually" charge the battery. However, charging the battery gave me a clue!
When I connected the battery back it had enough charge to "re-burn" the previously dead component. And everyone who have experienced burnt electronics know "the smell"! I quickly disconnected the battery, now the job is up to my nose to roughly locate the source of the smell. Once I found the location on the motherboard, it was easy to see a small burn mark on one of the CPU "(insert component name here)". Now I grabbed the soldering iron and removed the "(insert component name here)". Now its time for the "shot", plugged back in the battery and guess what!; the fan started spinning and shortly after I heard the startup sound! Its a "fix".
Why did I risk powering it up without the component? well I thought since there was four identical ones placed next to each other, they were likely put in parallel and removing one would only make the rest work harder. Besides, it seems only to be a part of the voltage regulation for the CPU, and removing one would only make the system a little less stable. So far its been working without any problems.