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Yeah, you can get it fixed locally by somebody who fixes these issues outside of their home for about fifty dollars.
At least that is what I paid.
Unfortunately, there isn't much point. When I got mine done, it was a problem with the solder. He soldered it back, "fixed it", took my 50 bucks and about a month later it happened again.
I won't be a prick and blame the dude who did it, I'm sure he meant to actually fix it. However, it only worked temporarily.
If you're interested in spending about 50 dollars or so every time this happens then by all means look online for somebody in your local area who can repair it.
Otherwise, I'd say go buy a new PS3. It's what I ended up doing.
I've only gotten this once, and it was on my friends PS3 not mine. I've heard of several tricks to fix it I hear when it happens on the older models like the ones that play PS1 and PS2 it's pretty much done for.
Fixed mine by blowing a hair dryer on full heat into the back vents for about 15 minutes. Be careful not to warp the plastic.
illicit makes a damn good signature.
These "fixes" really just buy you time to backup your save data and anything else you want to bring over to a new system. Once you get a YLOD it's game over. I made the mistake of paying to have my original release fatty fixed and it only lasted me another few weeks before it went belly up again.
Backup your data if you still can and save your $$$ for a slim :(
Source: Zhaolu D2.5 w/ CS4398 DAC chip and lots of custom work on the output stage
Amp: Musical Fidelity X-Can v3
Phones: Denon D5000 and Senn HD485