1 beep = software shutdown (normal)
3 beeps = hardware shutdown (this can be bad if it happens often)
Green light = ON
Solid red light = stanby
blinking red light = shuting down
yellow light = hardware failure.
IF your constanly getting blinking red lights its means your PS3 is shutting itself down for some reason... it could be that the fan is broken, the system is overheating or some random problem has occured. Since it keeps repeating send the console back to SONY...
IF a yellow light occurs then send the PS3 back to SONY -- this is hardware failure. Im not sure what models have yellow lights though. Getting hardware failure on PS3 is extremly rare...
Look on the bright side TC -- atleast your console quickly. The reason the RRoD is a problem for 360 is that it seems to happen at any time... PS3 and Wii (and newer 360's) either die quickly or will last quite a while (with a small number of exceptions)