You have a GLoD. Here's a TuT how to fix it:
That worked for me
Excuse what i said earlier about it not working, this is my findings so far
I do think this is a hardware related problem, most likely something to do with the rsx chip or something.
Maybe a reflowing of the motherboard and/or even reballing the rsx chip would fix this?
I managed to get my ps3 working for about 4 hours till it started dying out on me again by fluke and this is how:
Disassembled the ps3, I put 4 pennies between the rsx chip and the fan (did not thermal paste the coins cause i don't have any at the moment)
Then reassembled ps3, did not try putting it into FSM cause that does nothing for me.
I put rogero355v37.pup as PS3UPDAT.PUP on a usb with downgrade file 1 Lv2diag.self on usb, plugged it into ps3 most left usb port, switched on, powered on
Now this is where it did nothing, i let the ps3 run for about 10 minutes while it still had green light black screen, no hdd activity.
Because there was no thermal paste on the coins i used, the fan got louder and louder going onto high speed mode, Within that 10 minutes it got to a certain loudness and stayed at that volume so i let it run for another 10 minutes.
Now this is where the magic happened, I powered off by holding down the power button for about 10 seconds or so. It shut off then i powered back on and it booted normally with the ps3 rogero boot screen.
It froze a couple of times still but the mistake i made was powering it off from the button. DON'T POWER OFF FROM BUTTON JUST SWITCH OFF FROM BEHIND OR PULL THE CORD OUT TO TURN IT OFF or do the 20 minute wait trick again.
Now while turning it back on it said data was corrupted and needs to be restored, so i clicked yes to that, restored the file system, and it stopped freezing for a few hours.
I then formatted everything, reinstalled rogero 4.30v2.05, rebuilt data base, restored ps3, everything. All of this while the fan was still blasting hard which was ok cause it kept the ps3 really cool and was not overheating at all.
So i gamed it up for a bit, played some tekken, watched some bleach then i had a go at ni no kuni and it crashed on me, my fix became a temporary fix.
Gave the ps3 another quick data wipe and clean, took the coins out from between the rsx and fan and ps3 did not last one minute without it.
These are all my findings so far and i hope this helps others that are experiencing similar problems, i will keep posted.