This has been my 2nd PS3 thats died!
Was playing last night and it just suddenly turned off, and the red light at the front of the PS3 just keeps blinking, which apparently means that one of the components inside has died out. Now they want me to pay £131 to fix it fs.. Had this one for 3 years so warranty ran out too. The files are still on the PS3 but I won't be able to get them because it doesn't even turn on! Kinda shit coz I was just about to finish FF and now I don't think I cba to try and do that all again :/
Thats the one good thing about Nintendo, all the Nintendo consoles I've owned have never once broke.. fs!!
Does the light turn yellow for a bit also? If not, it could be a temporary overheating issue, which means you should be able to at least boot it after some time has passed.
If you see a yellow light, that means you have the YLOD. You could follow This guide
It really is a temporary fix, but at least you could get your saves back.