QUOTE (Elgin Slim @ Feb 3, 2011 -> 10:12 PM)
I finally picked up a PS3, because my Xbox 360 ate my games, but it is an old 40 GB one. I was playing today and the fan started to go on and a yellow light started flickering. I know the yellow light thing=red ring of death for 360. Is my PS3 f***ed, or is it possible to save it? The system works at the moment.
Make sure your PS3 is in well ventilated area (not in a closed cabinet, or on the floor) and free of dust. It usually happens when your PS3 overheats. When that happens, just turn it off and unplug everything for a couple of hours. If you want, you can take the shell off the PS3 and clear out the dust and stuff. But i wouldn't recommend it if you don't know what you are doing. It happened to my 20GB a few times, but it worked after I followed those steps. Eventually, it kept happening to the point where it wouldn't turn on anymore and i had to buy a new one. I could have sent it into Sony but it would have cost $150+ to replace, so i just got a new one. If it is turning on and working right now you are fine, just make sure the fan isn't covered. A lot of the early PS3's overheat and have the same problem. Hope this helped.
Good Luck.