It definitely sound like a YLOD, or some other such overheating issue.
Although, you say it bleeps twice, and a yellow light of death is usually, to my knowledge, a red flashing light along with 3 beeps in quick concession.
Have you tried booting in to safe mode? It's a long shot. But try it. Turn your console off completely, then hold down the power button until it bleeps a few times, then eventually turns it self off again. Once it is off, hold down the power button again, until you hear two beeps.
If you are able to get this far; it will boot into a recovery menu type thing, which allows you to format the HDD, rebuild the registry, reset the system or reflash the firmware.
If you're unable to get to the recovery menu; I would say with a high degree of certainty that it is some kind of hardware issue.
It would help to know a lot more about the issue though. Perhaps contact me through skype? My ID is matthewsmith_15.