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Unfortunately what you are describing is known as the Yellow Light of Death (YLOD). This indicates a general hardware failure normally due to overheating. When these PS3's were produced Sony decided to use lead free solder. The problem with lead free solder is that it is not as flexible as leaded solder but it is cheaper and more environmentally friendly. When the console gets hot and cools down hairline cracks appear within these solder joints and a good electrical contact cannot be made. This then causes the console to fail. It could be on a number of different components including the CPU, GPU or memory. There is a temporary cure that may or may not work but ultimately the console will need to be repaired professionally or replaced. If it is out of warranty Sony will not replace it but will offer a refurbished unit for around £130. If you look on Youtube for Yellow light of death fix there is a way that you can re-heat the solder joints using a heat gun but if you are not confident taking apart electrical items then this really may not be something you want to try.
I am sorry I cant give you any better news but unfortunately it is a very common problem with the PS3
Try reseting your PS3. Turn your PS3 completely off by the switch in the back. Then flip the switch back on. Press on the power button and hold it until the green light comes on, beeps twice then the green light should go out, replaced by a red light. Then turn it on normally.
ya i cant get my 40gb ps3 to work i was playin a game it went to a loading screen and it stayed there so i turned it off then turned it back on and now it wont play the game i can still get on the internet though