PS3 Bricked?

I was recently playing MW2 on my 60GB PS3 and it suddenly switched off in the middle of an online game. Now the console won’t boot up, it just shows a red light and beeps (1 or 2 times, i think). When i turn it off from the back and start it up it shows an amber or yellow light before changing to a red one. I cant eject the game, i was wondering is it bricked or can it be easily fixed?
Thanks
Answer #1
You have the Yellow Light of Death (YLOD). Read up on it in this thread.
http://community.us.playstation.com/thread/443168?start=0&tstart=0
or watch this video
http://www.youtube.com/watch?v=IGKT1HdBvZk
Answer #2
Take it apart to try and fix it. Older model PS3’s are junk compared to the newer ones, and you’re better off just fixing this one if you can, if not, buy a new one
Answer #3
Some older PS3 models had very inefficient power supplies, the result is overheating.
The video card and CPU are overheating and this power supply is overheating.
This will cause solder cracking and in some cases motherboard warping.
Answer #4
So what do you guys suggest I do?
Answer #5
Buy a Slim.