Yep. That's the classic Simasimac problem. Caused by those shitty SMD caps that leak their goop all over the board.
Some people temporarily fixed the issue by putting the logic board in the dishwasher (as ridiculous as this sounds, it actually works) but before doing that, REMOVE the PRAM battery from the logic board.
Speaking of the PRAM battery, it can often blow up, destroying the logic board in the process. Many old 68K Macintoshes were destroyed by those "Maxell bombs" (those faulty batteries blew up due to an internal chemical reaction). So be careful and check if it hasn't yet blown up.
As for opening it, you will need long screwdrivers to reach the two top screws.
Proud owner of a Shuttle HOT-555A 430VX motherboard and two wonderful retro laptops, namely a Compaq Armada 1700 [nonfunctional] and a HP Omnibook XE3-GC [fully working :p]