What does PS3 Yellow Light mean
Download PS3 YLOD Repair Guide from here

Were you playing some game, and suddenly your PS3 froze, then it shut itself down, and the light started blinking red. Whenever you try turning it on, it beeps and stops blinking? If you press ON/OFF again, you can hear the fan starting, but it beeps three times, shuts down again and begins blinking again.
Yep, it’s the YLOD. PS3 Yellow light of death problem.
The best option that you’ve got if you want the yellow light of death to be gone, is to actually fix it yourself. There’s no need to pay $150 for the repairs and there’s no need to wait for weeks either. Simply fix the lights of death error yourself with our PS3 YLoD repair guide eBook with videos and compelete pictorial

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