Well ladies and gentlemen after a couple days of research, and a couple hours of work, I have to say that the trick works like a charm. All you need is your ps3 box, a bunch of cardboard, stapler, tape, scissors, and a hairdryer. Pretty much all you do is nestle your ps3 in the box so that the back vent shafts are facing out toward you. Then you just use the cardboard, staples, and tape to fasten some makeshift tubes together to fit directly over the vent shafts. After that you use more materials (cardboard, etc.) to make a funnel like vent to lead to the smaller ones. Once thats done you should be able to close the box and the funnel vent should stick out. The last step is to use more materials to make a final larger funnel vent for the hair-dryer to nestle into so it stays in place. So now all you have to do is tape everything down and make sure that there arent too many open spaces. Now just put the hair-dryer in the top funnel and put it on high. Let it sit and heat up for about 20mins, then take it out and put it next to a fan on its highest setting. Wait about 15mins or until the ps3 is entirely cool and then go plug it in and test it out. Just finished trying it out for mine and it works like a charm. Also remember that you have not really fixed the problem, from now on you have to keep the vents in the ps3 clean so that they never go on full drive, and you have to keep the system cool at all times that it is on.  
 
*Keep in mind that this will only work for yellow lighted ps3's that have a  MOTHERBOARD FAIL ISSUE, if your ps3 has a faulty power core or is yellow lighting for any other reason this WILL NOT WORK.

All these carboard, towels, blow dryer and whatever tricks seem pretty sketchy to me, but thx for the heads up

i really don't get what ur saying. can't u just do the towel trick like the xbox 360?

none of this macgyver shit actually works.

That is so confusing, I would rather just send it to Sony then go through all that crap.

Send it to Sony.
 
Never blow air in to your console. Use a vacuum cleaner.

Sounds like the towel trick, you might as well send it to Sony before you fuck something up and it's not covered under warranty.

 
My 
My PS3 40G YLODed twice and this does work but you dont use a blow dryer,  you use a heat gun set about 700F-800F.  My warranty was up and this did work.  and used new thermo compound.  Arctic Silver 5.

I really love how people are trying to make it into a thing... YLOD... Right.

All you need is your ps3 box, a bunch of cardboard, stapler, tape, scissors, and a hairdryer.

" @LiquidPrince: Well how isn't it a 'thing'? It's a known problem which causes a yellow light, which also makes the PS3 un-usuable... that IS a thing. "

All I know is it completely bricked mine and I had no warranties Macgyver or not it only works for about a week but i've done it four times now with no probs.

 
@Matt_the_Sniper said:

" All I know is it completely bricked mine and I had no warranties Macgyver or not it only works for about a week but i've done it four times now with no probs. "