History:
2 years ago, I purchase a Line 6 Amp, 120 watts.
It worked quite well. Rarely, it created feedback that would kill the distortion but allow me to play. It was temporary, but happened from time to time.
Just recently, it had NO distortion, although I didn't have much time to fool around on my guitar.
Now, no sound is produced.

If any more information is needed, I shall do my best to provide

Is anyone familiar with these sort of problems?
Now the main question is - New amp (bye bye 500 dollars), can i somehow manage to repair it OR should i check it into a music shop for repairs?

I would start with cheaper stuff first. did you make sure cord was still good(the one from quitar to amp)? Does it power on? Check the minor stuff first then go from there. if you already have then disreguard this comment. Thnx

What model is it? Solid state or tube?

I am almost positive he has a spider 3. Those are actually notorious for having the motherboard just fry on them. When solid state amps blow they are either usually dead, or cost as much to fix as it to just buy a new amp

Yes, it's a spider 3.

"Those are actually notorious for having the motherboard just fry on them."
Sounds fun.

I've owned a spider 3, and uh they sound like poo, no matter what distortion you use with them. ._.