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Your hard drive is corrupted. You need to go to the PS Recovery Menu. You probably gonna loose most of your files if not all of them depending on the extent. Hopefully you have a backup somewhere. But you can fix your PS3 and get gaming again.
How to Access PS3 Recovery Menu.
1. Turn your PS3 off.
2. Hold The power button down; The system will turn on and turn off once again.
3. Once the System has been shutdown, re-press you finger until you hear two consecutive beeps
4. When you hear the two beeps take finger off power button.
5. You will be prompted to plug in your controller via usb and then hit the PS button
6. The Recovery menu will pop up.
Once you are at the Recovery Menu you should see 6 options. Start with the first option and go up until you have tried #4 as well (if needed). One of them should fix the problem.
1. Restart System: Restarts the PS3 System.
2. Restore Default Settings This resets the system settings back to default.
3. Restore File System: Checks for corrupt/missing system files.
4. Rebuild Database: Rebuilds the OS for the PS3
5. Restore PS3 System: This deletes everything and you will start from nothing again. Not a recommended procedure.
There are many reasons cause PS3 hang up in wave screen and won't turn on. Your PS3 hardware need some kind of fixes. Send back to Sony is expensive. You better repair by yourself. I suggest you bought this guide, you can learn how to trouble shooting and disassembly your console and fix it at last. Good luck!
Same problem just happened to me. Playing a game and the game froze. Sat there in shock for about 10 to 15 seconds and the screen went black. Shut it off. Now every time I go to turn it back on again it starts up, I get the PS3 logo and then the blue wave starts. About 5 seconds after that the wave starts to lag and then nothing.... Stays on the lagging blue wave screen... THIS BLOWS!!!!!!!!!!!
Ok I had the smae problem, did trouble shoot with sony who had me reset defualt setting. Then wanted to charge me 149.00 to fix, So I went to you tube http://www.youtube.com/watch?v=0Pjjnz0AlMk , and the had me turn system off and then on , hold button on PSP3 system down for 3 beaps the light stays red , then take your finger off and hold for 3 beeps the first beep dosen't count. their will be a menu pop up and select menu item 3, and it will tell you your harddrive is corrupt, select restore, I had to do this twice and now my palystation is working and I don't have to pay Sony a dime. Check You tube for issues, I found a lot of great help there. Hope this fixes this for you as well.
1) If the wave is still moving but you do not get a menu, then it is most likely the hard drive is having problems. Try taking it out and booting the system to see if it continues past the wave screen...then you will know for sure.
2) If the wave is not moving (frozen) on the screen, then it is probably a problem with the GPU and will need to be serviced.
If it is under warranty, I would send it in. Taking out the hard drive will not void the warranty, but taking apart the console will.....Hope this helps...