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AFAIK, the flashing red light means that the system is overheating. (At least, that's what it says in my manual) Just leave it off for a while and try the aforementioned reset (hold down power button for 10 seconds). If that doesn't work, just send the thing back to Sony and they will send you your MGS4 and a new PS3. (They may even send you a new MGS too...)

Not trying to be a fanboy. Of course, it's hard when you own the best console eve... dang it