First let's see if it will boot into safe mode:
Restart the system after you see the BIOS screen and before Windows starts to load.
Start tapping the F8 key. The Windows Advanced Options Menu appears.
Use the Arrow key to ensure that the Safe Mode option is selected.
Press Enter. The computer then begins to start in Safe mode.
If it boots into safe mode then it's most likely a driver issue or a corrupted file.
If not the click that you say you hear could be the hard drive it's called "the click of death"
Do you know the make of the hard drive?
If the power supply is going bad, it should start smelling burned a bit.