It does sound like a temperature safety measure, but if your temps are fine, I'd have to say that it's a bad PSU. I've been through many PSUs since I got into computer hardware. Most of the time the PC starts up and then simply shuts off, similarly to your description. I'd try to find another PSU to switch out with and see if the system works like that.
-Lasereth
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"A Darwinian attacks his theory, seeking to find flaws. An ID believer defends his theory, seeking to conceal flaws." -Roger Ebert
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