Well... how about it... It could possibly be the bad power supply (fried?)
Ok... let's see... try adding a reasonable high-wattage resistance of 1-ohm in the path of the power and measure the voltage and resistance across it, that will give you the current draw. Adding your DMM in there is not very helpful
Also... I assumed that when you measured the voltage, the DMM was out of the current path :
I would suggest leaving the head out of the equation for right now until you rule out any problem with the PSU. Are you good with electronics? Try building a regulated current supply and power it at around 500mA and see if you get ANY green at all! If you're getting some IR in the camera... I would say either thins thing has NO IR filtering whatsoever (HORRIBLE!), or, as SenKat said, the crystals are out of alignment. If they are... then you are possibly getting all the IR onto your IR filter causing potential damage to it.
The N90 is a good phone and I would assume it has some IR filtering on there... I know my phone has it and it's not as fancy

(I have the K750i and K800). So don't be fooled into looking into the beam because of the faint IR image

EVER!
Shipping international is a pain... I know... and so, I would suggest trying to rule out problems one by one, starting with the power source... Hook the DMM across the terminals and check the current reading (use the highest current setting available... for example the 10A setting... and keep the DMM on there for a VERY short time... 15 seconds or so max at a time). Then try adding a 5-8 Ohm resistance as a load (high watts based on the current you get) and test the voltage across that. If the voltage is low still, then you just might have a bad supply... otherwise, it could just be a bad diode...
Another way to test the supply is to grab a few of the 3V LEDs from DX (
www.dealextreme.com) and hook them up in parallel to distribute the massive current supply amongst them... and if they do light up then you have a good supply... measure the voltage across the supply pins and use a current sense resistor (1-ohm explained above) and measure the voltage across it. That should give you the best idea of how the PSU is doing.
Good luck;
DDL