Gilgamesh said: There's a recovery option, I'm not sure if it'll work or not, but you can try
And these are the options you get, dunno if this'll help or not Restart System Restore Default Settings Restore File System
Rebuild Database
Restore PS3 System
System Update
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Tried that already, wont work it just restart itself showing the yellow light then flashing red. I cant hear the beeps because it immedietly reboots :'(