Send it back to sony.... its called the YLOD.(yellow light of death) same as the RROD (red ring of death) for the xbox 360. if its not under warranty then you could open it up and fix it yourself. look here.
http://playstationlifestyle.net/forums/showthread.php?t=2376
it does work.. ive used the same method on a number of PS3. just follow the guide carefully
Testimonial: "it works it works, I have my ps3 back thanks. "
This is called a System Error. It is about the same as the Xjunks ring of death. You need to call Sony if you haven't broken your seal yet.
SOURCE: PS3 light turns GREEN, w/ blinkin BLUE, to YELLOW, to flashin RED
it is fried and needs repairs if you break the seal by trying it yourself you void the warrany
SOURCE: ps3,green to yellow then flashing red light ps3 won't turn on
HI I have the solution for you for now don't remove the hard drive or open the unit to remove your game and I promise everything is there your will get it back if you follow my instructions your ps3 for now is dead is the similar problem with the xbox360 but there is a solution for both units what had happen is that the graphics card got hot and broke some of the connections under the chip and the only solution is to reflow the unit with a system that is controlled by computer this way nothing outs gets damage 90% of the ps3's can be repaired I have fix 10 units out of 12 last week so if you have a game inside don't worry you get it back and also you can recover your info in your hard drive I am a trusted ebay power seller I don't offer this service on ebay I use the system for my own units and for people on this web side you can get more info on ebay just type in playstation 3 reflow and you will see more sellers who do the same as me but they charge 65-75dls plus shipping I charge 70 dls plus shipping only one way I payd for return shipping ebay sellers who offer this service they ask you to pay shipping for both ways so if you want to see your unit up and running let me know I am located in Georgia
SOURCE: light turns on, light turns yellow, light turns red and blinks.
Your ps3 has overheated. This is the equivilent to the red ring of death for xbox 360. The ps3 problem is called "yellow light of death" this means your ps3 has died due to the console being overheated. The solution to this problem is either getting a new playstation or take it to a shop in the UK and they could help you fix it for a price around £30-£50 GBP.
SOURCE: when i turn on ps3
We work with these issues all the time, it is called YLOD. A Chip gets separated from the mother board causing it to shut off with a yellow light and 3 beeps after that. in order to repair that you must send it to sony or find a local repair shop that works with ps3.
Thanks
www.1RepairStop.com
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