[How To] Fix The PS3 Blinking Light
Heat Heat Heat, thats what causes this issue. This is not a easy fix, and your probably better off just sending it back to sony for repair, but here are a few possible solutions.
Try this first as it might solve the issue:
1) Restart your PlayStation 3 and wait 20 minutes. After that, turn it back on.
2) Check for loose cables.
3) Take out your hard-drive and put it back in.
Send your PlayStation 3 back to Sony. (Recommended)
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DISCLAIMER: THIS IS A LONG AND GRUELING PROCESS. YOU CAN NOT HOLD US ACCOUNTABLE FOR ANY DAMAGE THESE GUIDES MIGHT CAUSE.
If you want to take the plunge here are 2 guides. A PDF and a Youtube Video
Here is a PDF For Help: http://lukete.ch/fixps3
Here is a youtube video for some help