okay,.. so hypothetical situation: sony goes bankrupt.

What would happen to things like the ps3, blu ray format, sony pictures, ect?

Blu-ray would live on through Sony's partners from the Blu-ray Disc Association.

I don't know about the PS3 and all the other stuff Sony has their hands on...

 That would be a very sad day indeed.

Depends on what kind of bankruptcy. Sometimes they have to sell everything to the highest bidder and the company is over, other times (when it's not as severe) the company can restructure, sell some stuff away and emerge as a smaller (but hopefully more viable) company.

guys, this is just a major company restructuring to fit the current climate. Sony will likely downsize slightly, but the wont die XD

The gaming division would be picked for its most immediately profitable assets.  Sony's studios might get purchased, the PS2 would probably get purchased.  The PSP may get purchased.

The PS3 would be left to die because it has no hope for profitability unless you are willing to risk a lot.  And then it is less likely to profit than sure-profits like the PS2.

I think a lot of people underestimate the severity of Sony's position.  It could very well be in serious trouble in a year if the economy doesn't turn around by then.

When glancing at Sony's balance sheet, be sure to take note that the numbers are often listed in Yen (or millions of Yen).

lol, an average report about a company restructuring due to a Global recession and everyone starts saying that the company is finished...................no, its natural.

Don't be a drama queen. No one said the company is finished.