Yellow Light of Death

I am sorry to say that today my PS3 died. I was playing COD kicking some serious ass when off it goes. The Light flashed yellow for a second then continued to blink red. If the light only blinks yellow that just means it has over heated but blinking red after yellow, according to Sony means only that you need to send it in for repairs ( really they will give you a refurbished one ) Even after a couple hours still dead.

So I have no money and 3 options. One I can send it in for 150 dollars to get a refurbished one.
Two I can pay 300 for a new 120GB slim.
Three I can open it up and try to re flow the points on the CPU and GPU as this is the most common problem in all high end electronics.
If I choose option three I will film and put it up here. Wish me luck.

P.S to 360 fans - STFU cuz my ps3 made it three years have fun sending your RRoD back to M$

(I also added a video of my ps3 )

(Update: I will start the reflow process next weekend and will have a video)