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While sleep mode can dramatically reduce the power consumption of a PC which is not being used, it doesn't do much for one which is being used. The only way to dramatically reduce power consumption of a PC which is in use is to change out components in the PC for new components which are more efficient.
The easiest place to start is with a power supply. Power supplies are responsible for turning the power from a wall socket into power that can be used by PC components. There is some power loss in this process, and not all power supplies are equally efficient. A low-quality power supply might have an efficiency of 60% while a high-quality power supply may reach an efficiency of 80% or higher. This can have a major impact on the total power consumption of a PC.
Additional power can be saved by switching to a more power efficient processor. Intel's new Core i5 processors are known for being very efficient. They use less power during times of low processor demand than any similarly clocked computer processor. Do note, however, that switching processors is likely to also require switching the PC's motherboard. This is a technical process, so I recommend using a professional for this if you're not familiar with computers.