Hmm.  I am under the impression that when the High Voltage (HV) Power Supply (PS) "fries", it stops working altogether.  No arc, no nothing.  The fact that you have an arcing sound tells me that your PS isn't dead.  It may be so sick that it's not usable, but it's not dead.
So that takes us to Gene's question - where is the arc?  Does the system work if you simply correct the arcing?
If you are not comfortable working around HIGH VOLTAGE THAT CAN KILL YOU (I'm not exaggerating), then stop, and let a professional do it.
Step 1.  Unplug the laser.  Let it sit for a few hours so that any residual voltage drains away.
Step 2.  Visually inspect the inside of the laser for evidence of arcing.  There is a heavy wire coming out of the HV PS.  Follow its path from the PS to the laser tube.  Carefully inspect for blackening / burn marks, particularly anywhere the wire is near the frame (e.g. where it goes through holes in the frame), at any connectors, and near the connection to the tube itself.  A flashlight and perhaps a small mirror would be helpful.  You may see the burn mark not on the wire, but on the adjacent part of the frame / case.  
Step 2a.  If you don't find any evidence of the arcing, then remove the part of the case that covers the tube.  On my laser, that "door" does not stay open without me holding it (BAD!!) so I have to remove it.  Open other doors on the case along the path of the high voltage.  Then plug in the laser, turn off the lights, and have a friend (STANDING AT A DISTANCE) watch when you press the pulse button.  Hopefully they can see approximately where the arc is.  Then you can repeat Steps 1 and 2 above.  Do NOT touch any part of the case when you pulse!
Step 3.  Correct any problems that you find 

  Or, post your findings here, and we can give you advice on how to fix the problem.
Good luck, and stay SAFE!