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It sounds like you have a ps3 failure. In some consoles there have been reports of flashing red lights or red screens of death (a bit like the red ring of death on the xbox360 a few years ago)
Call sony and request a repair or if you don't have $200 to blow try repairing it yourself using a how to guide...
It's way too complicated to stick in an answer like this but theyre usually only around $20 and if it doesnt work it doesnt work - at least you tried.
You will void any warranty if you open the PS3 up yourself though so if there is a warranty call Sony and ask them for assistance first.
Googled and found this for a PS3 fixing guide :)
The blinking red light on PS3 is known to occur when something as
simple as a misplaced connection occurs. It could also mean that the
PS3's hard drive is malfunctioning or not functioning at all. You can
take the following steps to identify and perhaps correct the problem.
Check to ensure that all cables are properly and securely connected. If
this doesn't solve the problem, try reinstalling the hard drive as
Physically remove the hard drive from the PS3 console. Dust off the
connectors, and gently and carefully replace it into the PS3. Very often
this simple removal and replacement will fix the blinking red light
problem. It may be necessary to remove and replace the hard drive
If this does not work the blinking red light can only be inicative of a chronic overheating problem and will nead to be sent to sony for repairs.
i think dat there's a big problem in ur ps3 so i think u'd better go n let someone who knows well in da ps3 like SONY support centerin ur country take care of it or u may call or send e-mail to sony support using (www.playstation.com)
I look all over the net but could't find anything, until i found a site that said they could show me how to fix any problem with my ps3. At first i was not so sure about ordering the manual but i did, whats $5 plus i used paypal, but long story short i fix my ps3, i recomend this site www.gameme.20fr.com i hope this help you like it help me.