Are you measuring 3.2V on the AC lines using AC setting on your multimeter? If so, there's not much hope fixing this PSU. Internally, it's just a transformer with two 9V AC secondary coils, one leads directly to the output pins, the other goes through a bridge rectifier/voltage regulator to supply 5V DC. I'm no expert but getting less than 9V AC on the AC output pins suggests a short somewhere on that coil, i.e. less coils, less output voltage. As far as I know, fuses either pass all the voltage or burn out and pass nothing, not drop the voltage.