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I had the same problems with my 60GB launch PS3 and when I opened it up the problem was plainly obvious, the thermal paste had gone bad

after I exchanged it with high quality paste (I recommend arctic cooling MX-2 or MX-3 paste) it ran perfectly again

for a guide to open up the PS3 and how to apply paste plz watch the ylod guide from Gilksy

(part 1 of 6) http://www.youtube.com/watch?v=U70SgRDVcBo