Sounds similar to a problem I've had with my PS3. Before jumping to any conclusions I would first recommend trying to play a couple of other things in the PS3. Try a movie DVD, a music CD and see if they work. If they don't it looks like your Blu-Ray reader has busted, which is what's happened to mine. Last time I checked with Sony it'll cost £130 quid to repair, because it's out of warranty.
Out of interest, where did you keep your PS3? Was it in a room that tended to be subject to extremes of temperatures?
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