Try mailing it to its website or a play n trade. Could just be overheating same thing with the 360. The red ring of death.

Buy a new one.

It can be (YLOD = Yellow Light of Death). Mine turns on for a second, flashes a yellow light, PS3 turns off, and blinking red light. There are videos on Youtube that show how to fix YLOD by disassembling the whole PS3 down to the motherboard/CPU/GPU, clean off thermal paste on heatsinks and chips (only if you have more thermal paste to apply later), pouring soldering flux (or rosin flux, its the same) under the chips (to clean any oxidation and help reflow), heating those chips with a heat gun (to reflow solder) for a few minutes on both sides of the board (you have to let the board cool down completely after each side as to not warp it), after chips are cooled re-apply thermal paste and put the whole darned thing back together. They say it works for them but I tried it and the problem persists (could be the power supply I'm thinking). I tried the process twice, first without the rosin flux (found in Electronics, Hobby and Hardware stores for approx. $5+ a bottle, thermal paste $4-$10, Heatgun $40-$80) and the second time with the flux but no luck. If this process works you save money as it costs $150 to have it serviced by sony but once you peel off the sticker covering the main case security torq screw (size t-10, u need special torq screwdriver for this one and only screw, the rest of the screws are common sizes) your warranty is voided (if you're under warranty Sony will fix it for free) but if your out of warranty and you do this I don't think they will fix it regardless knowing you tampered with it. *** SO FIX AT YOUR OWN RISK!!! *** LLAMMA.COM also has helpful photos if you decide to disassemble your PS3. I might try replacing the power supply next since I don't think Sony will touch it.