Somewhere on the interwebz, no idea if true
Quote:
No, I've heard of the yellow light of death, when you get that you can reach your debug and do anything you have to (like format and transfer data). Blinking red light only happens to like 2% of PS3 owners or something and cannot be fixed any other way (if you can call it getting fixed, its most likely a replacement). Btw, a friend said they sent a replacement PS3 to play on during repairs, is this true?
...your best bet is to contact SONY customer support.