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Hard Drive Failure
On average, hard drives last between three and five years, depending on care and overall use. Sony's PlayStation 3 contains a removable, internal 2.5-inch SATA hard drive -- the same hard drive used in laptop design. If your red light is due to a malfunctioning hard drive, attempt booting into safe mode for additional diagnostic options. Visit the official PlayStation.com Support and Knowledge Center for detailed instructions on entering safe mode. If the additional diagnostics determine your hard drive is faulty, replace the hard drive with a standard 2.5-inch SATA drive to alleviate the red light issue.
Overheating of Internal Components
The PlayStation 3 contains a powerhouse of processing power in an extremely confined plastic mold. Both the slim and fat versions of the PS3 are designed with optimal fan usage and ventilation options. However, if the system is in a poorly ventilated area, then the cell processor and motherboard will overheat, leading to the red light and system failure. Moving the system to a well ventilated area prevents overheating, but you may need to reflow the motherboard or add higher quality thermal paste to the processor if the system continues malfunctioning.
Motherboard Reflowing
Overheating of the PlayStation 3 causes chips and solder points to lose contact with the motherboard, resulting in the flashing red and yellow light of death. How soon this happens depends on manufacturing quality, personal care and use. If your system is out of warranty and you have a industrial-strength heat gun, you can reflow the motherboard and repair it in less than an hour. Reflowing is technically advanced and requires the slow and direct warming of the motherboard with the heat gun at 575 degrees Fahrenheit for eight minutes. This is then followed by a direct two-minute blast to the Cell/BE and RSX chips. If technology is not your forte and you're not comfortable following instructional videos, such as "Gilksy's YLOD Fix," on YouTube, then it's vital to seek an authorized repair center.
Cell Processor Overheating
The PlayStation 3 uses advanced cell processing technology, thereby using more power and producing more heat during system utilization. This heat deteriorates the thermal compound between the heatsink and the processor, preventing proper transference of heat. If you're comfortable with computer technology, then refer to videos on YouTube, such as "Gilksy's YLOD Fix," which provides professional repair instructions for opening the unit and applying a high-quality, silver-based, thermal compound to the processor. High-quality thermal compounds can be purchased at most computer repair centers. However, like the reflow of the motherboard, if you're not technically inclined, seek an authorized repair center or visit the official Sony PlayStation 3 Service and Support site.