just turned my PS3 on and it came on fine then turned itself of, and the light was flashing red..

then i turn it back on again and it goes green, yellow for about 1 sec then flashes red..

PLEASE tell me it isnt dead :((((

It's dead. My 60G Phat is now doing the same thing.

Buy an Xbox. I hope this helps!

i will have to cancel the Vita then, i cant afford to buy a new PS3 and a vita.. :( 

Red Light of Death? Haven't heard of that one before...

What kind of PS3 is it?

Also, it could be a heat issue. One option would be to open it up and reapply thermal paste to the heatsinks. You could look to see if you could find someone to do it for you. Shouldn't cost too much.

That's what you get when you buy Chinese knock off products... May your Playstaion Thlee rest in peace

quote of playstationgamer
then i turn it back on again and it goes green, yellow for about 1 sec then flashes red..

@ OP

if you want to fix it to do a backup of saved game files... see this video of a guy with a weird voice to fix it
http://www.youtube.com/watch?v=xHMW7XR59Fw

That is the YLOD. It happened to my 80GB and my buddy's 60GB PS3 over a year ago, we have since purchased PS3 Slims and our original PS3s have been sittting in our basements collecting dust. But last week I decided to fix mine by the reflow method...works fine so far. I plan on fixing my buddies this weekend. It is actually quite easy to fix...I did mine over the course of a Saturday morning following these videos: http://playstationlifestyle.net/forums/showthread.php?t=2376&page=1

Basically, you take the PS3 completely apart (which was kind of cool), remelt the solder around the main processors with a heat gun, reapply thermal paste to the processors, then put everything back together.

More information here on reflowing (easy) and reballing (hard): http://ps3repairman.com/ps3-repair-services/ps3-reballing-service

I fail to see the point of that quote.

Edit: Googled it, now I get it.