You got what they call on the PS3 "Bricked" It is common to the PS3 like the Red Rings of Death is to the 360. Make sure you transfer all existing files to another Hardrive by Cord or transfer to flashdrive.
You need to send the PS3 for repairs and more than likely they will send you a refebrished console. It really depends if you have still have it covered under warranty, Check your states lemon laws too. If it is not cover under the above. It will be bettter just to buy the newest High gig version console. Hope this helps


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