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Yellow Light of Death, kind of like the red ring for Xbox. It's dead.
WAIT!!! WHAT?!? THAT SHIT CAN HAPPEN WITH THE PS3 AS WELL?!?
It's rare, but has been known to happen.
That sucks, Crock. Any plans on getting another one?
WAIT!!! WHAT?!? THAT SHIT CAN HAPPEN WITH THE PS3 AS WELL?!?
This just happened to my PS3 a few weeks ago (80GB model). From what I have read it is pretty fixable crock. There are even do it yourself videos on youtube. It isn't really a permanent fix though. It is certainly tempting to just get the $250 dollar model without the heat issue.
Oh, I know, but mine has already been fixed once. The guy who did it told me that after the first fix it's best to just get a new one. I have a good deal, though. Trade in this one, get a brand new slim for $170 and he throws all my memory off the old one onto the new one.