Need help identifying problem...

golbeze10, if your ps3 froze up, it will triple beep on a forced shutdown. The flashing red light and an "automatic" shutdown means your PS3 overheated. Most likely the GPU or CPU have overheated and experienced failure. This is probably caused by the constant heating and cooling cycles which causes thermal stress in the lead free alloy, which is used for the BGA of your GPU and CPU. You could try to either attempt a reflow, or have a reputable person/company do that for you. With a reflow, you keep the same alloy balls, it just reconnect (reflow)the cracked contacts. Since you are continuing to use the same alloy, you are running the risk of loosing connection of the solder again at a later point. Safest thing to do, would be to reball your processors, since you are now replacing the BGA with new solder.

Of course, do check your PSU, anything is possible and you may find a bad diode and/or capacitor inside the PSU as well. There is a good guide to the reflowing on here and here as well. There is more info about the reball on here. I do hope this helps you out somewhat.