Here are a list of some common PS3 problems:
1. Freezing: Don't panic you can fix this problem by holding the power button down until it powers off. If freezing persists another alternative will be to boot your PS3 into safe mode and try the options here (You can use the last option on the menu to format the entire system and reinstall the firmware, if the previous options on the menu do not resolve the problem).
2. Overheating: This is another common problem with the PS3. Usually this can result from poor ventilation. You will need to ensure that the room is airy enough as well as keep your console away from other heat emitting gadget if possible. If this does not help it is possible that you might be experiencing some hardware issues.
3. Problems Reading discs: If when trying to play a disc you see a blank screen, there are a couple of things you can do. One is to check that your cables are not loosely connected especially the cable that goes from your Blu-Ray drive to the console. You can also clean the disc and try again. Sometimes playing a different media CD or DVD can fix the problem.
4. Video Distortion: Video distortion is another one of those common PS3 problems. The fix for this problem is to check that the cables are properly connected and not damaged. Also a wrong display setting can affect your video quality. This is because PS3 retains the display setting of the last television it was connected to. So when you connect it to a different TV you must remember to reset the video display setting.
5. Blinking Red Light: This might be as a result of either a damaged or loosely connected cable to the console. Check your connections to ensure the cables are properly connected. In case of damages you will need to get a new one. The problem can also result from poor ventilation and accumulation of dust. Take for example you have your fan vents blocked by placing it against the wall. You need to remedy this and clean off any accumulated dust on the console.
6. XMB not Loading?: To fix this problem under your settings, select system settings and restore PS3 system. This should restore your PS3 setting. If not you might require Professional help.