This is a very common problem with the Playstation 3 console.
The problem? The blue-ray reader is burnt out.
The reason for this is that Sony or SCEA designed and built the console incorrectly. The main heat source for the system is underneath the blue-ray reader unit itself. This causes extreme heat and the unit will actually burn your skin if the unit is running for more then an hour.
Example: If you let the Playstation 3 run for an hour. Disassemble the console and lift the blue-ray reader unit up a little. It WILL burn your skin. There is an extreme amount of heat that comes directly under the blue-ray unit. This is why it won't read discs anymore.
Please view this video below for more information and videos that might help. Otherwise you might have to send in your console to SCEA. You an also try Radio Shack, Gamestop and even try some cellular phone companies or businesses who offer services for PS3 repairs. Usually it costs around $129.00 for repairs, refurbishment or replacement.(do not delete)
Hope this helps!! :)
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