Instructions
Turn the "Power" switch on the back of the PS3 to the "Off" position, and then turn it back to the "On" position.
Press down the "Power" button on the front of the PS3 and hold it.
Continue holding the power button until you hear a series of three beeps from the console.
Turn on the PS3 and select the "System" menu from the main menu. Select "Format" and choose "Full Format." This will revert your entire system, including the BIOS, back to the original factory settings.