I shorted 5v and Gnd on my arduino nano while it was running on USB. Highlights the danger of poking around with a voltmeter. The chip wont power up now and Im guessing somthing is fried. Does anyone know what component is most likely to have taken the damage? Im thinking its possibly the USB chip.
I would think the most likely thing is the fuse in the computer or USB hub protecting the USB power line. Check (carefully) if there is 5 volts on the +5 volt line. If not, try connecting to another USB connector on your computer.
A short should bypass power to the chips, so they should be fine. Check to make sure that nothing failed short (you should have no continuity between 5V and ground) before doing anything else, though.
The diode is the most likely failure point, but the Nano also runs power through a few traces that aren't huge, so I suppose there's a remote possibility that one of them failed, particularly around the USB connector. I would use a continuity tester on the board (with no power connected) to locate the failure. If it is the diode, external power should still work, and you should be able to solder a jumper across the diode to get usb power working again. Many boards don't even have a power selection diode.
They certainly dont :). Managed to solder a piece of wire across the diode last night and it started up right away. Thanks for the help I would have thrown it away otherwise.