Firstly if your console is showing the yellow light of death turn it off and unplug from the wall socket. A power surge can cause the error. While the machine is off check all the cables, make sure they are firmly connected in place at both ends. Also look for any signs of damage, if there is it is advisable to replace them.

If that didn't work touch your console is it hot, overheating is a major cause of the yellow light of death. Have a look at the vents on your Playstation 3, are they blocked with dust or something else? After cleaning the vent check where you store your console is there enough space for the PS3 to get good air circulation? Some people keep their console in an entertainment which keeps the heat in. If you do it is a good idea to leave the doors open during playing.

If you are still seeing the yellow light of death then we need to remove the hard drive. This is a simple procedure and there are many great video tutorials online explaining how to do it. Once removed simply reinsert it. You may need to do this a couple of times.

If this hasn't fixed YLOD then it is possible that there is an issue with the console's motherboard. We can still fix this as we still have two more options to try.

The next option may sound obvious send your console back to Sony for repair, if your machine is in warranty it will not cost you anything, however if not then you can expect to pay upwards of $150. Also you will be without your PS3 for about 6 weeks, your hard drive will more than likely be wiped and you may not get your console back but a reconditioned one.

If you don't like the sound of that way you could try to fix the problem yourself. It is really easy, I do suggest using a playstation 3 repair guide though. Let someone who is experienced at playstation repair take you step by step through the process. With the aid of videos and simple instructions Rob Sheffield, the writer of one such guide, takes you effortlessly through procedures you need to finally fix the PS3 YLOD.