Im at a lost for words. I just finished mass effect 1 and though hey why not watch a movie on netflix so I proceed to turn on my ps3 then blam... The system shuts off. I go to turn it back on thinking it was just a freak incident and then the system light turns yellow for about a second then starts blinking red. Anyone with any help with fixing this issue will be appreciated. Its a launch PS3 with the 60 gig hard drive. got it  a couple days after launch.

Leave it alone for a while, let it cool off. If you have it on a shelf where heat can build up, take it away from that shelf, and, sit it somewhere cool, but, not moist... Good luck.

yea Im trying that now. I hope I don't have to buy a new system the sony exchange program is a ripoff, i would rather get it fixed by someone on craigslist then by them

my brother's original 60 gb full backwards compatible ps3 bricked a few months ago and sony replaced it with another original full backwards compatible ps3. ask them for your options, they can either replace it for a slim, a 80gb or ask them if they still have original 60 gb ps3's (if they cant repair it of course). my bro got his ps3 in 2 weeks, not only that, since my bro warranty expired, when he payed 150$ they gave him the replacement 60gb ps3 with a new warranty 8-)

lastly i suggest openning up your  ps3 (fairly simple) and clean the fan from any dust, the blu-ray drive, etc. but only if your warranty expired.

I would also recommend cleaning the poor fella.  If you don't wanna go about opening it up you can always just vacuum the vent ports.  Wont be as thorough as getting inside it, but it definitely helps.  Do not use compressed air cannisters, they just blow dust around inside the box

My ex 360 also gave me the yellow light of death xP

I just got the same problem.

Do not panic.

1) Unplug the system, and leave it unplugged. Then, plug it back in.
2) Take out the hard drive, wipe it, and put it back in.

If it still doesn't work:

3) Call Sony and ask about their repairs program.

If they charge you the bullshit $150 price:

4) Get it fixed by a third party.

you mean yellow light of death?

Buy my broken 60gb ps3 with all my ps2 games!

oh... wait... you'll be in the same position.

He's had it since launch, so the warranty is long since expired.

(edit) Check HDD first. It's possible you have a dead drive if you're lucky. If you don't have an extra laying around like most normal people, try pulling it out, cleaning off the contacts and the HDD port and plug it back in. Won't do anything if the drive is dead, but in some rare cases, it could just be a faulty HDD connection.

Most likely the problem is with the motherboard, although the PSU (shouldn't power up at all) and the BD drive can also fail (a console with a broken BD drive will still start up; just won't read discs).

Ask yourself how important PS2 BC is. If the answer is not very, consider a Slim as they use less power, run cooler and are quieter (slower fan speeds). Generally those three things mean better reliability.

As far as getting a refurb from SCE or a repair if you really want that PS2 BC, I'm not sure if they still have replacements, assuming they can't repair your console. Give SCE customer service a call and find out.

If you don't want to go the $150+ handling charges for the repair/refurb, you have the option of attempting to repair the console yourself by reflowing the GPU and CPU. Tutorials are online. All you need is some good thermal interface material, some non-corrosive solder flux and a heat gun. If you're not handy with PC components, you should be able to find someone local who can do the job for you.

The caveat is that once you crack that seal, even if it's just to clean the dust out of the case, SCE is no longer obligated to accept your console for repairs; you're on your own at that point. Caveat number two is that the reflow fix should not be considered a permanent fix unless you do a really clean job, use high quality TIM, use soldering flux before reflowing, mixed with a little bit of good fortune.

I'd recommend using a shop vac with hose attachment to vacuum out the vents before cracking the case open. I'm going to second the recommendation against using compressed air. Yes, it will blast out dust balls, but it can also blast dust into components as well.

If your console has been running louder than usual the last few weeks or longer, depending on how much you use it, you may have already damaged your motherboard if the cooling system has been too clogged up to function properly and removing the debris won't magically bring it back to life.