Originally posted by Wolf
Before you freak out and panic try this.
Turn it over upside down, so the thing is literally on it's back and you see the slots for ventillation. Clean any dust you see by gently wiping it away, or better yet use a vacuum. Then check the side vent and do the same thing.
Now, with the ps3 still upside down, turn on the power and try booting it up.
My FAT ps3 did the same thing yours did, but it runs all night long standing on it's head.
Try it and post back.