Make funeral arrangements. Your PS3 has YLOD imminent.
holYellow light of death, can be repaired though. Try giving it a good clean, sometimes a Hoover can help but the phats do get noisy as they are getting on a bit now
I have an old 60GB model that has been doing just fine. I keep a small house fan pointed at it and running while I play, and clean it of all dust every week or two depending on how much I use it. I'm just hoping it lasts long enough until those new 320GB models come out then I'll upgrade to one of those.