So, my 60 GIG launch PS3 just got the yellow light of death. Is there an easy way to fix this or should I just replace it? I'm pretty upset that this happened to my launch model and not the newer ps3 I've got at my girlfriends. :'(

That's too bad.
I hope you get to fix it.

Sorry to hear that. Happened to me in June and  got it repaired locally same day. This way you dont lose your data. If you send it to sony the chances are 50/50.

Use a phoenix down!

how did you fix it locally?

Try sending it to someone who knows how to repair consoles and ask them to do a "reballing"... that will fix the YLOD permanently so it will never happen again... Don't do a "reflow" because it will eventually break again... it could last 1 hour, 1 day, 1 week, 1 month or 1 year... you don't know how long it will be... but it will happen again if you get it fixed that way.

Can you take it to a computer repair shop? Or was there a specialty repair shop?

Does the system load at all because if yiu don't m ind losing everything in the memory sometimes you can reboot the sytem back to its original format.It worked on my ps3.

A reball is indeed the best solution but it can cost you double the price of reflow and even then it isn't a permanent fix unless they switch it to lead solder.  Personally I'd put the faulty one on ebay advertised as YLOD but unopened as it should still fetch a tidy sum being a 60GB. 

From my experience, the solder reflow is only a temporary fix for the YLoD. But if you're interested in getting your data (game saves or whatever videos, photos, etc.) off your system HDD, which can't be recovered externally without hacking the file encription (good luck with that), the reflow fix can give you enough time to save the data off your HDD.

There are things you can do to extend the length of time that the fix works by improving heat dissipation over original factory specs.

The simplest improvements include changing power supplies to the APS-231. The 60GB OEM PSU generates much more heat and has a peak wattage that exceeds what the console actually uses, even at full load.

Swapping fans from 15 fin to 19 fin improves airflow circulation.

Lastly, replacing the factory thermal paste (which dries out) with a quality TIM is the easiest and cheapest improvement of the three.

When reflowing the solder joints on the GPU/CPU, use non-corrosive flux (made for circuit boards, not electrical wiring), with the easiest to use being a flux pen available at any computer supply outlet. It helps keep reflowed solder from going brittle.

But all the above are really only for those who insist on keeping their 60GB unit, whether it's for sentimental reasons or you really place that much value on PS2 BCC.

I sent my 60GB SKU in for a refurb well over a year ago without problems since (it's been a secondary PS3 since then and sees minimal use). If the fans ever start to sound loud, I'll probably do all the above fixes myself.

I've repaired a 40GB SKU numerous times, each fix lasting a different length of time, which only stresses the relative unreliability of the reflow fix itself.

Good guide linked below for keeping the older PS3s cooler.

http://boardsus.playstation.com/t5/PlayStation-3-General/3-tips-for-a-Cooler-Running-and-Greener-PS3-system-Models/td-p/45650070/highlight/true