Overheat...Low Voltage??

This morning my computer began shutting off spontaneously. I check the case and found my power supply chasis boiling hot, and my CPU (Intel P3 1Ghz) reading over 53 degrees in the bios.

I figured my power supply fan was shot, so I bought a new one and installed it. Now the machine won't boot because of a Hardware Monitor error. Inside the Hardware Monitor, the +3.3V Voltage is fluctating between a red 3.18V and normal blue 3.20V. I suppose that's why the computer won't start past the first screen.
The CPU still seems warm, but it is staying steady at 48 degrees. Is that normal?

If anyone could tell me where my problem lies, whether its with the new power supply, the motherboard, the CPU fan or something else, please let me know.

Thanks,
Dan

 

What kind of power supply is the new one?

I'd bring it back to the store and exchange it for another one.
Antec, Enermax, and Sparkle are the best brands.

 

It's an OKIA
350 watt, which I'm told is better than I need.
But I suppose if it's just not pumping out enough voltage, it's not working right.