If properly cooled the only thing that usually goes out are power supplies (high heat=capacitor death)
CPU's rarely die (only saw one die in my life)
Motherboards some times go crazy (electrolytic caps dry up, had a few die)
Ram rarely die (sometimes contacts get oxidized)
Hardrives die more or less often (depending how you treat them / dumb luck)
Graphic cards sometimes due to excessive heat produced by the GPU
Power supplies depending on the quality die or start to produce instability due to improper voltage regulation.
I've seen lots of machines with stability issues due to bad power supplies, sometimes due to mixed ram and with cheap mobos with crappy chipsets / power regulation circuitry.
Capacitors age, hard drives age, fans age, every thing ages but stressing out components is a way to make them fail faster. So keeping the computer lazy wont make it slow, maybe it will prolong it's useful life
But sometimes it boils down to pure dumb luck