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So my pc will no longer boot properly. When turned on by the rear power button (front does nothing) the cpu led will blink red once and the fans will start up. The lights and fans then die and start back up again however this time the cpu, vga, dram and boot device leds are all solid red. The Stand by led is solid green. Any attempt to turn the pc off by the front power button is unsuccessful and so it has to be turned off by the back power button.

I have tried clearing the cmos by moving the jumper cap but the problem persists.

The specs are as follows:
CPU: intel i5 2500k
RAM: 8gb corsair vengeance DDR3
Motherboard: Asus p8p67 pro
GFX: nVidia GTX570
Cooler: arctic freezer 13 pro
PSU: ocz z series 750w 80+
DVD: samsung writemaster dvdrw
Case: coolermaster 335 midi tower
Monitor: viewsonic full 1080p 23"
Extras: 2x silent coolermaster case fans

No hardware changes have taken place recently apart from the gpu having been cleaned with some new paste applied. Everything has worked fine for a year or so.
Any advice would be appreciated, I have Googled trying to find people with similar issues but couldn't find anybody who had so many red lights going on.
Here's a link to a video that shows what happens when the rear power button is pressed