I would start of by doing a hard reset.
1. Power Off the PS3 via the power switch in back and power back on w/switch.
2. Hold Power Button on the Front until you hear 3 beeps.
3. Then go through the initial setup and then run a full Format via System > Format. (will take approx 3 1/1 hours). You may need to have our AV cables ready if your using HDMI (in case HDMI isn’t detected after initial reset).
4. Restore your backup you made prior to doing factory/hard reset (optional, if you created a backup).
If that will not resolve your issue I would treat it like the YLOD Just do a search on google and you will literally find 100's of sites that deal with it. I also have a repair and upgrade guide for the PS3 that you can download if you like
http://www.keepandshare.com/doc/2510513/... and http://www.keepandshare.com/doc/2510514/... and http://www.keepandshare.com/doc/2510523/... and now the last http://www.keepandshare.com/doc/2510524/... it's a big file and very complete information. Good Luck to you