Same thing happened to me the other night, but my PM was running, with a lot of other equipment too!
I freaked out as well, partially because I have performed inner mods to this machine (fans) and I initially thought it was my fault.
Do this:
Open up the power mac.....on the logic board down near the bottom, there is a small button that says "PMU Reset". Shut down your machine and unhook everything. Then press this button. I think PMU stands for Power Management Unit or something like that.
Your machine should now work fine!