Almost everyday around 3:30 AM the server completely locks up and has to be power cycled before it will come back online. (this means someone hat to wake up and reboot the server, oh how I love being an internet janitor! :)
Smells like a hardware issue to me too, but I went through all of the dell diagnostics, updated the firmware, everything checks out as being okay, RAID, disks, RAM, etc... Spent an hour on the phone with a Dell tech. No hardware issues, at least that we were able to find.
There are no cron jobs that run at 3:30, no backups, the server has a load of 0, nothing is scheduled around that time...
do you have smartd set to run short/long hard disk checks during the night? it is done via /etc/smartd.conf, not via cron.