jvd,
You can test the voltage output with a cheap multimeter. If you feel comfortable, test the power under load while the board is plugged in and running. Just set the multimeter to DC V and test between:
Ground (Black) to 12V (Yellow)
Ground (Black) to 5V (Red)
Ground (Black) to 3.3V (Orange)
You can also test the voltage when the PS is not plugged to the board. If short PSOn (Green) to Ground (Black) on the 20pin connector it should turn on the PS. You then can measure the voltages under zero load.
Be very careful, do not do this if you do not feel comfortable, don't take my word for it, check around first. =)
Hope this helps,
Dr. Ffreeze
PS. Even better, you can also check what voltages the motherboard is supplying to various components on the board. I would check the CPU, chipset, and memory voltages. To find nominal voltages, you will need to do a bit of research on your particular board, CPU, and memory (DDR 200~333 2.5V and 400 2.6V).
PS. Voltage issues can be a bitch to find and fix if you don't have the right tools or extra PSs to swap out. Hope it goes well.