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the instructions, and then I'd say try options 3 (Restore File System).
If that doesn't work, try 4 or 5 (Rebuild Database or Restore PS3
If that fails, you could just replace the hard
drive. The PS3 uses standard 2.5inch SATA laptop/notebook hard drives
(5400 or 7200 RPM). They can be found online at any computer parts
website; for example, Tigerdirect.
If somehow the new hard drive doesn't fix it, or you don't feel like buying a new hard drive, you could send the PS3 back to Sony. If you're under warranty it's free; otherwise it's expensive (150$ I believe).
If you request the repair service, they send you a box, you put the PS3 in it and ship it back to them. A month or 2 later they send you a fixed/different PS3. Simple, but takes forever to get a working PS3 back which is why I suggest you try a new hard drive first.
There is an alternate way to restore your HDD. Turn off your system and when u see the red light, hold the power button in front until you hear a total of 4 beeps (1 alone, 1 alone, 2 together). It usually works on second try. it should show a screen and say hook up controller with a usb cord. Then it should show i think 6 options. Choose the restore option. it should work.
Hope it works and wish you all the best! P.S.- I just got the 80010514 error on my ps3 and my ps3 games dont work anymore :(
apart from physically reformating the hard drive yourself (taking it out and loading it on laptop or desktop and format, at your own risk), there isn't much else you can do. If the console is still guaranteed then contact sony and they will send you a new one.
If you do format it your self when you replace it in your ps3 you will need to format it again using thier options.
hold in the power button until you hear 2 beeps. might not work the first time. if no 2 beeps repeat power button again or until 2 beeps. go to restore hard disc and click on it. you will lose anything saved on the hard disc but fixes it 75% of the time. did it myself this morning.