Bluetooth (based on the symptoms); and if that's a launch Wii, it's Boot2-capable (though it sounds like you've not exploited this feature).
I did a Buy It Now Check for USA sellers on Flea Bay, $9 here:
New Bluetooth Module For Wii Replacement Repair Parts - eBay (item 130467099413 end time Jan-17-11 14:52:22 PST)
Last edited by kit-cat; 01-11-2011 at 09:22 PM.
If the blue LED stays on around the drive, then something is quite wrong.
This suggests a serious hardware problem or boot2 has been corrupted. I would take apart the Wii and disconnect all modules and DVD drive and try to power just the motherboard. If the LED stays solid Blue, you have problems.
What is the serial number of the Wii?
Am @ work right now, I will log on and provide the serial number once I get home.
Last edited by emuhack; 01-12-2011 at 08:43 AM.