It means that the power jack is probably shot. Battery and AC power both go through the power jack assembly inside the unit. If that fails due to a broken connection or burned out trace, then it can't charge the battery and usually won't power on via AC power.
That is a VERY old laptop. The next option is, get a new one. You probably can't find reliable parts for that thing anymore anyway. At least, not new. And used parts are probably not very reliable at this late age. That's a 2nd gen Intel product. MANY years old. It's had a good run, but it's probably time to move on. Replacing the power jack is neither cheap nor easy.