The fact that the front panel lights up means the power supplies are OK and because you hear static means the power amplifiers are OK too. Something in the front-end of the system is wrong.
You didn't say which source (Radio/DVD/Coaxial/iPOD) are you getting the static on. Try a CD or DVD, or plug in an iPhone/iPod to check the other source inputs. If they all make static, something died in the pre-amp section and you will have to replace it or get it serviced. If just the radio makes static, check the antenna both inside and out. Did the antenna on the roof get torn off? If not check the antenna connection going into the back of the unit.
It is easy to pull the unit out of the wall to see what is going on behind. Simply pull off the rectangular bezel that clips on around the outside of the unit. You can do it with your fingers or use a screwdriver to help pry it loose. Once that is off, there are four Philips-head screws that hold it to the wall. Take those out and the chassis will easily slip out so you can see behind it.
Hope that helps.