So basically I bought GT5 today and it told me I had to install 2gb before I could actually play the game. Accepted then came back 30 seconds later to find the light blinking red. After some research I found it's basically the same thing as the red ring of death, only for PS3. Anyone here ever come across this issue? PS3 is probably 4-5 years old, but never had a problem with it up until now. Any surefire ways to fix it (without paying sony)?
Hopefully I can open it up tomorrow and try to fix it.
TL;DR: Red/Yellow light of death

Worst part about it is I didn't even get to play gran turismo yet

Haven't played one since #3 on the ps2