Hello,
I'm sorry to say this but the blinking red light is = the light of Doom. Your PS3 is dead. This is somewhat like the XBOX Red ring of death.Yellow lights and blinking red lights indicates general hardware failure on ps3. If your ps3 is still under warranty call Sony and they will send you a new or refurbshed one. Your ps3 is one in a billion (according to Sony).
North America: 1-800-345-SONY (7669)
United Kingdom: 08705 998877
Now you could try doing a few things (hey it's worth a try!)
1. Turn off the switch in the back and wait a few minutes. Turn it back on and try it again. If that doesn't work it may be dead.
2. You could try this article, if you choose to, it's a long shot but might work for you in your case. http://ps3.qj.net/Possible-PS3-flashing-red-light-fix-from-MXACE/pg/49/aid/75721
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