What does it mean when your PS3 won't turn on?

I was playing Arkham Asylum (if it has to do with the game, I was fighting Ivy), and I decided to quit. I turned it off, but what I noticed was the screen turned black rather than the home screen with the XMB. I tried turning it off with the power on on the front, but it wouldn't so I resorted to using the master switch at the rear. I turned it back on, and tried turning the system on entirely but what happened was my system's power light turning green promptly, then blink red after unless I pushed the power on on the front again. I believe that I am currently experiencing the infamous "Yellow Light of Death", PS3's equivalent to the RRoD for the 360. I was wondering if there was any form of fix for this? I have a 3 year warranty for Best Buy, and a warranty from Sony as well (I think it's expired). It's the 80 Gb PS3 Motorstorm Bundle, I'd rather not replace it as it has backwards compatibility. I heard that removing the HDD would solve the issue, but I had no proper screw drivers (the screw head began stripping) and I learned that my data would be gone. Although I've been hammering potential responders with details, my main question is: Can the PS3 YLoD be fixed? Does it mean my unit is bad and should be replaced with a brand new unit as a whole? Uncharted 2 is on its way next week, I have it pre-ordered and it'd be really nice to have my PS3 working by then. I worked hard all week at school and never get time to play, this happens Friday evening...FML. Anyways, thanks to everyone that answers!