You can either send your PS3 to Sony, or you can repair it yourself.
Sending it to Sony
Pros:
Trained technicians will be repairing your PS3
Cons:
It'll cost you around $150- That's half the cost of a new PS3!
You'll have to wait up to 6 weeks to have your PS3 returned.
Sony will erase your HDD memory
Repairing it yourself
In order to do this you will need a good PS3 repair guide.
Pros of repairing it yourself:
Usually cheaper than sending your PS3 to Sony
Usually much faster than sending it to Sony
You may be able to retain your hard drive data (some guides allow you to retain this data)
Cons:
You have to do it yourself
I have no experience with electronics. Can I actually do this?
Yes, all you need is a good repair guide that instructs you step by step how fix the PS3 red light. It's like when you are going to a new restaurant and you don't know its exact location. You plug in the address into your GPS or MapQuest and it is broken down into easy to follow step-by-step instructions allowing you to find the restaurant
What makes a good repair guide?
A good guide will have safe step-by-step instructions, pictures maybe even videos. I've seen some guides that offer a members area or email support too so you can ask questions if your run into problems. If you are looking for a repair guide to fix that broken PS3 keep these things in mind when looking for one.