The Red light is due to the HDD (hard drive).
There is one of 2 problems:
1. The connection is loose or
2. The HDD is just bad.
This was an issue that has been discussed over in the Playstation forums and it seems that re-seating
(removing & reinstalling) the HDD has solved the problem for many but some people have just
received bad hard drives period.
If you reinstall the HDD & it still beeps 3 times & gives you the red light, then you will have to replace
your HDD.
If I remember correctly, PS3s use Hitachi Laptop Drives. IMO, Hitachi is not well known for good
drives. I replaced mine with a 160GB Western Digital drive I got for free a few months ago. I haven't
had any problems since.
Hitachi makes a good drive, but the ones that fail seem to fail really bad. Western Digital seems to
make the best drives and they offer a very good warranty service as well.
Download PS3 Repair Guide
