Watch the videos here if you're not convinced. If you can operate a screwdriver and hairdryer, you can fix your PS3

Youtube PS3 "repair flashing red light" how-to guide:

Part 1: http://www.youtube.com/watch?v=4_Ic1_TY-GU

Part 2: http://www.youtube.com/watch?v=Vr1zyAGwnuU

Part 3: http://www.youtube.com/watch?v=VHgCa3XEPic