"As is" can really mean a lot of things. Sometime it means "I'm an idiot and I fried this part, so I'm going to try and shove it off on you and take your money". Sometimes it means "this doesn't function correctly, and I'm letting you know that so if you can't salvage it you don't take it back on me". Then again, it sometimes means "I know this part is good, but I'm not going to take a chance on you frying it and trying to get a refund".
When you see something like this, you gotta look at the seller's feedback, see if they've sold any other as-is items and what the buyers said, and then make a decision if it's worth the risk or not. Sometimes it is, sometimes it's better to pay more for something guaranteed working. I myself love the 'as is' descriptor, as I often am actually looking for broken computers and electronics on items, and 'as is' tends to make the auction go for less.
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Desktop / Laptop
ASUS A8N-E / Compaq Presario v6420us
AMD Athlon 3200+ @ 2.50Ghz / AMD Athlon X2 TK-53 @ 1.70Ghz
MSI GeForce 7800GT / GeForce Go 6150
2 x 512MB DDR / 2 x 1GB DDR2
250GB SATA II / 80GB 5400RPM SATA
2 x DVD Burner / 8X DVD±R/RW
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