Get it replaced or sell it to someone and buy another.
I've heard good things about this site, but I cannot personally vouch for it. http://www.gophermods.com/index.php?l=product_list&c=5 My brother had a similar problem with his PS3, but he ended up just getting a new one.
same thing happened to my Ps3 2weeks ago. then i got the bright yellow light and so long Ps3, R.I.P. I suggest u back up your data while u can!
Thanks for the responses. I guess it's time for a new PS3.
Same thing happened to me about a year ago, your best bet is to just get it replaced.
Lay it to rest and never buy one again they are horrid systems! I can't stand them and it is only my opion!!!!
I think you might need to look into getting a new one. My 360 has begun showing similar symptoms in it's old age (about the same as your PS3; 2.5-3 years I've had my 360). The system has trouble reading games that my sisters more recent 360 has no trouble playing and will sometimes crash out mid game telling me that the disk has an error on it.