If you heard a "pop" and you know it's the power supply, that is the easiest fix aside from the Blu-Ray drive.
Find out what model # you have (serial number label on the back of the console). The last part of the label will tell you ("CECHxxx"), go online for a tutorial on how to disassemble that model (the original models are all pretty similar if you're just taking off the cover).
You'll need a T10 security torx hex bit or driver, available for less than $3.
It's possible to remove the security torx screw with a thin flat head screwdriver (2.0 or 2.5 mm should work), but not the best choice if you don't know how to turn the driver without stripping the screw head. The head of the driver has to fit snugly between the "fins" of the security screw head to avoid stripping the head.
Peel the label covering the rubber foot and pop the foot out to access the security screw. You can use a blow dryer to heat up the label to make it easier to peel and remove it without damaging it (the adhesive detaches and shows the words "void" to indicate it's been opened otherwise; no big deal since your 2 year old console is not under warranty).
The rest is just removing regular cross tip screws. Reference a tutorial if you need help with that.
Replacement PSUs can be found online for probably less than $30. Just make sure to get the right one that matches your particular model.
Cheap fix and a lot better than just waving the white flag over something that's so easy to solve.
