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PS3 owners refer to this as the 'Yellow Light of Death' or 'YLOD'. It's quite common. The problem is caused by poor solder joints (due to overheating) on the motherboard and degrading heat sink compound on the fan.
When turning on Press and hold your PS3 power button for about 6 seconds. You will hear 2 more bips!
This will reset your PS3 to MFG default. Connect your Composite jacks (Yellow, red, white) from your PS3 to your TV in order to hear and see the display! This will not delete any of your data!