Just so everyone looking at this knows, replacing the main board solved my problem too. I took the $92.40 gamble from fullcompass.com (not really a gamble since you can return the board) but it worked out. Amp seems to be back in business.
Thanks to everyone above for the indirect help.
To recap, I have a Spider III 120 and the amp would make a horrible squealing sound any time something touched the input jack. I wouldn't even have to fully insert a cable. This is also assuming the amp was turned on. Volume, gain, tone controls, etc, did nothing to the sound or volume of this squeal. I read these posts and fixed my amp.
Quick rundown of how to replace the board...and sorry I forgot to take pics
Parts required:
P/N 50-02-9308-1 from fullcompass.com
Tools required:
phillips head screwdriver
2ea thin blade screwdrivers
15mm (?...forget the exact size I used...I brought a bunch with me from the garage) socket, and wrench if you desire
box cutter, exacto knife
Process:
disconnect speaker wires. if you have more than one speaker, note positions/colors of each wire. you may also want to lay the amp/cab down on its face. unscrew 2ea (1 per side) mounting screws on either side of the amplifier assembly. these screws go through the cabinet into each side of the amp tray. unscrew the 4 screws holding the amp tray to the top of the cabinet. lift the amp assembly out of the cab use the 15mm socket to loosen and remove the nut on the front of the input jack. this will enable the input jack to slide out through the back. use whatever knife or cutting device you found to gently break the seal of hot glue that holds the smaller of the two electrical harnesses into the main board. pull that harness out by hand. use two thin-blade screwdrivers to put pressure on either side of the large ribbon cable harness and remove that harness. remove the 4 (or 5...i forget) screws holding the main board onto the amp assembly install the new board and use the reverse of this procedure to button the amp back up *the new board i received had a breakable tab/green section of extra board. You can run the wires from the smaller harness underneath and to the side of this tab so you don't have to break it off. I followed this method in case the main board was not the problem...then I would be able to return the board in original condition.
...and no, I didn't try to return my old board for a refund!
Good luck all.