Sounds most likely that it is a dead battery. Li Ion batteries degrade over time, and it is possible that this battery is now dead.
I'm not sure if it is in the Panther version, but if you go to System Profiler->Power then it should give you the battery statistics:
Battery Information:
Model Information:
Serial Number: SMP-bq20z951-3968-bc5
Manufacturer: SMP
Device name: bq20z951
Pack Lot Code: 0000
PCB Lot Code: 0000
Firmware Version: 002a
Hardware Revision: 000a
Cell Revision: 0100
Charge Information:
Charge remaining (mAh): 4065
Fully charged: No
Charging: Yes
Full charge capacity (mAh): 4499
Health Information:
Cycle count: 22
Condition: Good
Battery Installed: Yes
Amperage (mA): 377
Voltage (mV): 12442
If the information isn't in the Panther version of System Profiler, you can get the same information by installing XBattery which allows you to graph battery performance over time:
http://www.kezer.net/shareware/xbattery/Cheers,
Joel