The PS3 is not immune to having problems, and a common problem is when the PS3 beeps 3 times with a blinking red light.
If you have this problem, you will be advised to call Sony for service... and if you're out of warranty it's gonna cost you over $150 bucks. But what does it mean?
Well, the PS3 3 Beep and blinking red light problem indicates a problem with the hard drive, and it can be cause by one of two things: Either your PS3 hard drive connection has become loose, or the drive went dead altogether.
A quick fix for this PS3 beeping 3 times problem, is to re-seat the hard drive. Physically remove and reinstall the hard drive. If you are still having this problem, then you are going to need to get yourself a new hard drive.
Replacing the hard drive is not complicated at all - and you can even get yourself a 160GB drive for cheaper than you spend to send your PS3 to Sony for repair.
For full, detailed instructions on how to fix your PS3 problems, this 318 page PS3 repair guide is available, and covers everything from DIY fixes to complete modifications - including how to install Linux on your PS3.