Google gave 3 possibilities:
- Overheating
- HDD problem (the cable got loose or it died)
- Someone bricked it (someone tried to hack it)
edit:
To fix try:
- Overheating: Give it breathing space, so don't put it in a tight space like inside a furniture. Leave 3-4cms on each side free to get enough airflow.
-HDD: try to reconnect the cables, if it doesn't help, it's time to call Sony.
I didn't find any fix for bricking... if it's hardware bricking, you'll have to buy a new ps3 unless Sony agrees to replace it (which I highly doubt so).
