If you have $150 spare, and you can wait for 2 months for Sony to return a replacement PS3 back to you, then that is the best option. If you don't have the time, or the money to do this however, then keep reading. If the blinking red light on your PS3 is happening before you get onto the loading screen, then do the following:
1. Turn the console off by holding the power button on the front of the console down for 10 seconds.
2. Once the console is on standby, then turn it off from the back.
3. Then press the power button and keep your finger pressed on it, until you hear 3 beeps.
4. This should hard-reset your PS3, so it should restart and then load up with no problems.
If that didn't work, then try this:
Take out the PS3's hard drive at the side of the console.
Boot up your ps3 - if it now starts up again, great! This could either mean it is fixed, or you have found out that the hard drive needs replacing. Put the hard drive back into your PS3 and load it up again. If it starts up, and you can play games, congratulations, you've just fixed your PS3! If it hasn't worked, you have a hard drive problem.
The PS3 blinking red light usually means that there is a hardware failure somewhere in your PS3.
If you still don't want to send it off to Sony (and I don't blame you), there are many comprehensive guides available on the Internet.
To see the guide I used to fix the blinking red light on my PS3 in under an hour, in my lounge, click here.
Original article from: PS3 Blinking Red Light Problem
