Alright, this one is for all you Electrical Engineers out there that have nothing better to do than tell me that I cant do Calculus worth a darn! (personal rant, nothing more

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Anyways, My PSU on my machine is having some problems keeping up with my voltage requirements. I have a 550W (650W max) PSU and with my fully loaded case, I am only getting 4.79-4.83V out of my +5V rail. My +12V rail is 12.36V. I figure that the 5V rail is over drawn and I want to "ease" its pains, and make it more effecient in the process.
I am wondering what is keeping me from running all my HDDs and CDROM drives off of JUST the 12V rail. (It seems to have plenty of juce to go around)
Here is my question: how difficult would it be to build a 12V to 5V transformer that will probably run off the PIV 12V connector that is attached to my PSU? This transformer will take the (2) 12V lines from the PSU and use one line for the 12V requirements on the CDROMS/HDDs and use the second line with a transformer to convert from 12V to 5V. This way, I figure, it will releave a LOT of strain on my 5V rail and move all that load over to the 12V rail. The PSU is rated for 12V @ 24A draw max. I figure that I am useing maybe 4-5A at most off of the 12V rail and my 5V is getting hit hard by the heavy OC that I am doing.
Is this fesable? Wouldnt it be as simple as a 12V transformer and a few capacitors to help regulate the current flow on the 5V line?
Remember, this would only be used to power HDDs and CDROMS (maybe my Radeon 9700 if there is room)