Is this a sign of my PSU failing

Anyway my psu is making hissing sounds. I took out the fans to make sure its the psu and it is. So far on other forums people told me it could be that my voltage regulator is gone bad. I don't know much about PSU, so i am asking you.
And the psu is MS Industrial KY-400ATX P4.
Its almost 3 years old.
 

I would check its not one of the fans (in the PSU) making a noise first, then if its not that, bin it.....the PSU is the only part of your PC that can damage every other part or burn down your house killing you and your family in a ballet of flames and broken dreams. 

there is nothing near my pc that would burn. And i already removed the fans so i know its not them 

You already removed the 2 fan that are in the PSU? 

yes 

Well in that case, its very likely the voltage regulator section having been damaged by a power spike or failed capacitors (did you notice if there was a bulge in the top of any of the electrolytic capacitors?)

Do you have a digital multimeter and a basic knowledge of AC to DC conversion? 

If the answer is no.......you need to get a new PSU before it damage more of the components in your PC. 

i know what all components in psu do i just dont know how psu works. Also it takes a lot longer for my PC to boot up then before. And is Xigmatek NRP-PC702 700W any good 

Well first thing first, check the output voltages on the 20+4 pin connector, then test the electrolytic capacitors on your PSU (you will need to drain these first or risk getting a shock) then to test them in circuit you will need a ESR meter, or to use the capacitance meter on a multimeter you will need to de-solder one of the pins to take it out of circuit for a meaningful reading.

Then move onto the regulator circuit till you find a fault.