You are getting the red blinking lights on the PS3 because it is over heating. You might still be able to prevent more damage from occurring if you take apart the PS3 and clean out the fan. Usually dust clumps get stuck in there. If you keep using the PS3 like this, you will damage the board permanently!
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[http://vkrepair.com/ps3-flashing-red-light/|Here is a useful guide]
You are getting the red blinking lights on the PS3 because it is over heating. You might still be able to prevent more damage from occurring if you take apart the PS3 and clean out the fan. Usually dust clumps get stuck in there. If you keep using the PS3 like this, you will damage the board permanently!