So I've had this 40gb model for about 3 years and just recently after moving it to my room It has gotten really loud. I've made sure it's in an open area for ventilation and I proped it up on top of a couple blocks to also help the air flow, read that tip online, but it is still very loud when on. I plan on getting my vacuum tomorrow to suck out any dust it has in it but I'm worried that won't fix it. It's loud without a disc and extremely loud with a disc in it, when I turn it off it sounds like a freakin generator is powering down. Any tips as my warranty is already up and also I hate to bring this up but worst case scenario... Is the slim a lot quieter because if this thing dies on me I might have to get that. :(

I had the same thing happen to my 40 gig a few months ago.  It ended up getting YLOD but was repairable.  Still, I bought a PS3 slim and sold the broken 40 gig to a guy who was willing to fix it.  Sorry I don't have any real advise besides cleaning it out but worst case scenario you get YLOD like I did.  Oh, and the slim is a lot quieter, I swear I sometimes forget to turn it off due to not being able to hear it.

There's not a whole lot you can do about the noise.  More recent PS3 games are really pushing the system now, and causing a lot of heat.  You shouldn't worry about your PS3's health, as the noise is really a sign that the fans are doing their job.
 
I do however, suggest that you avoid turning the PS3 off immediately after you finish a game.  You should try exiting to the XMB and highlighting something other than the disc drive in order to minimize the work that the system is doing.  After a little while you should hear the fans slow down and a little while after that you can go ahead and turn it off.  This might help prevent drastic changes in temperature inside your PS3.  Or it could just be a superstitious habit of mine.
 
Also, you can try keeping it in a cooler room.

It's been making a jet engine sound since the day I bought it and  I'm fine with that :D

Slap it in the mouth.

u could get cooling vents if u really want to prevent YLOD but im not too sure if that would work...  i had a 40gig ps3 and it got the YLOD.  the slim is really quiet but it sucked cause i lost all my save files and i was really close to getiing the platinum trophy for a couple games....

" Slap it in the mouth. "

Turn up your speakers.

" u could get cooling vents if u really want to prevent YLOD but im not too sure if that would work...  i had a 40gig ps3 and it got the YLOD.  the slim is really quiet but it sucked cause i lost all my save files and i was really close to getiing the platinum trophy for a couple games.... "

Just read the protection plan, even though I'm not eligible and found this funny:  
 
WHAT IS NOT COVERED (APPLIES TO BOTH THE PLAYSTATION PROTECTION PLAN and PLAYSTATION PROTECTION PLAN - ACCIDENTAL DAMAGE): 

a) Rust, corrosion, insect infestation, mysterious disappearance, transport, environmental conditions such as sand or dirt. 

b) Any Product failure related to theft or burglary, loss, abuse, negligence, vandalism, acts of war, fire, weather related damage, unusual atmospheric conditions, 

or acts of God.

" Just read the protection plan, even though I'm not eligible and found this funny:  
 
WHAT IS NOT COVERED (APPLIES TO BOTH THE PLAYSTATION PROTECTION PLAN and PLAYSTATION PROTECTION PLAN - ACCIDENTAL DAMAGE): 

a) Rust, corrosion, insect infestation, mysterious disappearance, transport, environmental conditions such as sand or dirt. 

b) Any Product failure related to theft or burglary, loss, abuse, negligence, vandalism, acts of war, fire, weather related damage, unusual atmospheric conditions, 

or acts of God.

    "

" Just read the protection plan, even though I'm not eligible and found this funny:  
 
WHAT IS NOT COVERED (APPLIES TO BOTH THE PLAYSTATION PROTECTION PLAN and PLAYSTATION PROTECTION PLAN - ACCIDENTAL DAMAGE): 

a) Rust, corrosion, insect infestation, mysterious disappearance, transport, environmental conditions such as sand or dirt. 

b) Any Product failure related to theft or burglary, loss, abuse, negligence, vandalism, acts of war, fire, weather related damage, unusual atmospheric conditions, 

or acts of God.

    "

is your place warm? put a vacuum in the back fan vent. my ps3 gets loud during the summer time. i found that out during the summer. me and my friend would both play on different ps3 and my ps3 would be loud and his would just act normal.

The Acts of God clause is in most insurance plans, but for the PS3, mainly in case Satan decides to infect your console.

buy a slim