Your PS3 got the YLOD. You can either send it to Sony and let them repair it for $150 (If it's out of warranty, otherwise it'll be free), or you can attempt to fix it yourself using a heat gun and thermal compound. There's a vid on YT showing how you can fix it yourself. I would post the link, but I'm posting from my PS3 right now, so I can't. I'm sure someone else will post a link to the vid for you, though.
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