You have the Yellow light of death. The YLOD is the Red Rings of Death, except for the PS3.
I recommend Wiredextreme.com to service your system (if it's out of warranty). About half the price of a Sony repair and you get YOUR system back, unlike when you send it to Sony where you get some other random refurbished system. WE has a automatic 90-day warranty, the same as Sony, but WE also gives you the option to extend the warranty up to 4 years. the WE warranty covers the entire system, not just what they fixed on it.
If it is still under warranty, set up a service request with Sony using these instructions:
http://playstation.custhelp.com/app/answers/detail/a_id/106/session/L3NpZC9UTFFuUjNWag==
Make sure you erase all of your personal info off of your PS3 and follow the instructions on the page above.
Good luck!
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