Well, yesterday I resolved the issue of my dead PS3. My previous attempt to fix it through a reflow proved to be ineffective even though I had followed the instructions completely. So, how did I resolve it?
I bought another one that I found on Craigslist, cheap ($150)! I also managed to sell my dead PS3 to someone who was willing to buy it for $50. So, in the end I paid $100 for a slim PS3 that had a larger 160gb hard drive over my old 60gb hard drive. The only downside is that I lost my backwards compatible model as well as losing 3.41 firmware functionality. Given that the new PS3 was on 3.72, I decided to upgrade it completely to the latest firmware which is currently at 4.11. It even came with Uncharted 3, a game I have been dying to play for some time now. All in all, not a bad solution for $100.