Just did this repair today, and if friggin worked!
Damn thing was out of commission for the last year, followed this video today and got all of my old game save data back. So happy to have my backward compatible version back so I can play ps2 games again.
What happens I guess is over time the heat sink between the fan and the CPU and GPU degrades, causing excessive overheating. Once that happens, the CPU basically shuts down, giving you the flashing red light. Mine went down last year after being left on overnight, I fell asleep watching a movie and when I got up to go to bed, I forgot to turn it off. Mine is the original version, backward compatible 80gb model, that I bought in early '07. I had another one that I got from my parents, but still wanted to figure out how to get all of the old game data that was on that hard drive when I came across this video. Only cost me $12 for the thermal compound, and about 40 minutes of my time following this video, and it works like new. So if any of you guys ever get the flashing "yellow light of death", just watch this video series, works like a charm.
Bummer, it took a shit again the other day. I've tried to heat it back up and atleast get the game out that I was playing, but it's totally fucked, I'll have to tear it apart to get the disc. Guess it really isn't fixable, I'll just swap the hard drive from this one to the other one, though I still want to get a new gen. model since this other one I have has an annoyingly loud fan. Damn technology.
PS3 YLOD Fixable!
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