I am by no means an expert on these Macs yet, but I did have a similar issue to what you are describing. What appears to be happening is that the 12V rail is rising to the cutoff point (14.8V I believe).
When that happens, you hear the sound of the power supply starting up and shutting down. Like a flub flub sound (or a purr, I guess.) There is more than just one cause of this instability of the 12V rail. In my case, it was left over leaked cap juice under components around the 12V and 5V regulation circuit. I had to rinse the board several times in alcohol.
If you unplug the hard drive, or floppy, it will likely be able to boot. But as soon as you put some type of load on that 12V, it does the flub flub again. Does that match your observations?