Just for Information :
I successfully fixed the famous (YLOD - Yellow Light of Death) error on my PS3 using the help and guides available on the internet. I was a somehow skeptical about whether this solution would work or not. I even managed to get a hot air heat gun for the purpose. Since I am already comfortable with electronics , opening and reaching to the PS3 motherboard was not much of a problem.
So starting off with the procedure, ended with a surprise that it really does work. The PS3 which was giving yellow/red light flashes and beeps is now working all OK, which was a good feeling to have. At the same time was also able to open and fix the optical drive (bluray drive) of PS3 which was not working correctly after loading a disc (as the disc was not properly settling on the lens assembly).
Anyways just wanted to share some of my adventures with PS3 till now.
Heading off to installing linux and making it a more enhanced media player by using VLC. Hopefully it should work as well.....
Thanks.