Red light of death

That common problem is the Yellow Light of Death and the Blinking Red Light on the PS3, which can easily be repaired from home (D.I.Y), rather than from Sony. I have also noticed that many others problems have arisen on the PS3, which can also be repaired from your own home! Click here

Hello there Tinky
If you have the yellow light of death, this means the chips inside your PS3 have lost connection to the Motherboard, there are several ways to fix this problem and get back to gaming.
Solution 1

Send the console to Sony they will fix the problem if your in warranty.If your not in warranty than it will cost you $150, the process will take about 4-6 weeks and all saved data may be lost.
Solution 2

Fixing the problem with a PS3 repair guide Max cost $40 cheaper than repair and replacement price.
CONTACT SONY
FIND A VERY GOOD PS3 REPAIR GUIDE
Hope this helps
Let me know if you need any help

So you know its the yellow light of death... red light of death usually refers to xbox. anyway, the yellow light means the GPU has gone out on the PS3 and you will have to call sony to get it fixed. Trust me save yourself alot of heartache by doing this instead of fixing it yourself.