If, in addition to the blinking red light, you notice that your PS3 is running hot, overheating, it might be wise to contact Sony customer service for advice. A chronic overheating problem could be a complex one to repair, and it might be prudent to bite the bullet and send it to Sony, regardless of the approximate $150 charge. If overheating is not part of the problem, it might be possible for you to do a little troubleshooting and make the necessary PS3 red blinking light repairs right in your own home.
The blinking red light on PS3 is known to occur when something as simple as a misplaced connection occurs. It could also mean that the PS3's hard drive is malfunctioning or not functioning at all. You can take the following steps to identify and perhaps correct the problem. Check to ensure that all cables are properly and securely connected. If this doesn't solve the problem, try reinstalling the hard drive as indicated below.
Physically remove the hard drive from the PS3 console. Dust off the connectors, and gently and carefully replace it into the PS3. Very often this simple removal and replacement will fix the blinking red light problem. It may be necessary to remove and replace the hard drive several times.
If after three attempts, the PS3 red light blinking problem is not resolved, you may want to consider purchasing and installing a new hard drive. Replacement hard drives for the PS3 are now readily available. Replacing a hard drive is much less costly than purchasing a new PS3 system, and is less costly that sending the system off to Sony for repairs.
Before you begin troubleshooting your PS3 blinking red light problem and making general repairs, you would be wise to acquire a repair guide as mentioned at the beginning of this article. There are a number of good ones available online at reasonable cost. Not only will you be able to learn how to fix the blinking red light problem, you'll be able to make other routine repairs as well, saving you a pile of cash over the lifetime of your PS3.