Your playstation 3 keeps flashing red?

YLOD aka Yellow light of death.

Ps3 overheated and melted your CPU chips solder around it. Your CPU chip which is the brain of the PS3 melts Solder around it and creates a soldering bridge = when 2 different components become soldered as solid one. You can send it to Sony and they will fix it for you if its on warranty by saying fix im saying they will send you new one and you loose all the stuff from old ps3 you dont get your harddrive back so you just lost all safe files, trophies ect. if not on warranty its about 140$ or you can do it your self its not that hard it just takes time to take the ps3 apart to get to CPU to resolder the components. There is a guy that shows how to do it step by step on YouTube. Guy name is Gilksy he does it all slow and step by step in 3 videos I sent my 1st ps3 in and payed money for it i sent me new one didnt give my old harddrive back lost everything and this one keeps freezing on me all the time. I did resolder my self to 2nd ps3 that my friend had issue with and it works like a charm

Hope this explains it, trust points greatly appreciated