You need to take out the motherboard and give it a thorough clean, as in some cases of the yellow light of death the console has been overused.
It is also due to the heating and cooling of your motherboard. You need to reflow it. You can learn how to do that at http://www.howtofixyellowlightonps3.com/.
nice video on the yellow light hope it helps. http://www.youtube.com/watch?v=zn89z_VUcP0
Fixing the YLOD on the PS3 will cost $150.00.
It is said that the fix of re flowing the soldier has to be repeated and is only a temporary fix, where a factory return might not even get you the same PS3. One can only assume that by stuff you mean hard drive information which you would not have if the PS3 was replaced See related link about the Yellow light temp fix
nice video on the yellow light hope it helps. http://www.youtube.com/watch?v=zn89z_VUcP0
The yellow light of death is when a solid yellow LED light shows up on your PS3. It is extremely rare for this to happen, but if it does there are ways to fix it, if you Google it. This will only happen if your PlayStation 3 overheats or the hard drive fails. If it overheats, it automatically will shut it's self off. But that usually doesn't happen because it comes equipped with a cooling system.
nice video on the yellow light hope it helps.
No, if lots of dust or the thermal compound burns off again, then you must redo the fix again... but by cleaning it out you improve the life of your system around 1 - 2 years longer.
nice video on the yellow light hope it helps. http://www.youtube.com/watch?v=zn89z_VUcP0
Send it in for warranty repair
nice video on the yellow light hope it helps. http://www.youtube.com/watch?v=zn89z_VUcP0
Your ps3 overheated and Melted CPU. Yellow light blinks called YLOD aka Yellow Light of Death. CPU chip which is the brain of the PS3 melts Solder around it and creates a soldering bridge = when 2 different components become soldered as solid one. You can send it to Sony and they will fix it for you if its on warranty or without for about 140$ or you can do it your self its not that hard it just takes long time to take the ps3 apart to get to CPU to resolder the components. There is a guy that shows how to do it step by step on youtube. Guy name is Gilksy he does it all slow and step by step in 3 videos
Sounds like the yellow light of death. see You Tube video under the related link