If the Xbox 360 has its notorious RROD, the PS3 has its own YLOD, or the Yellow Light of Death. But unlike the Xbox 360's hardware issue, the YLOD affects only a very small percentage of PS3 units. Still, that must suck for those included in that "very small percentage".
Well good news, folks! There's now a solution for that problem, thanks to he who goes by the name Gilksy1. If you check out the attached PDF file, you'll see that the procedure is actually very similar to how you would handle an RROD (that is, if you do own an Xbox 360 as well).
It's very user-friendly, with step by step pictures and stuff. Still, as the whole process requires opening up your PS3, be reminded that you forfeit your warranty, okay? But really, rather than do it yourself, just send it back in for repair if you're still covered by your warranty.
We don't see any PS3 price cuts coming at any time soon, so might as well don't commit PS3 harakiri.
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PSP Documentation Topics covered in this manual include a systems, hardware and CPU overview, media engine, memory map, VME, video and 3D graphics processing among others