it could possibly fry components, yes.
Ex-janitor. Might pop in from time to time, otherwise you can grab all my information from http://jamesy.me.uk/
It could fry stuff, yeah. If your that worried about it possibly frying stuff, backup your data.
However, if this new PSU doesn't work, you may as well hunt through ads in stuff like Micro Mart magazine, and the like, as you may find a used PSU that works well there for less.
AMD Phenom X4 955 BE - 8GB RAM - Asus M5A97 - MSI HD6870 HAWK - Windows 8.1 Pro 64 - Samsung 840 Pro 256GB
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