PS3 flashing red light

Last night I popped in my PSOne copy of Riven, just for fun; hopped my way through a bit and then my Playstation 3 powered off. Funny, no power cut as all the other electrics were working.

I hit the power button - green light, quick yellow light (oh dear) flashing red light. I killed the power, left it and tried again with the same result. Checked online for suggestions, reseated my hard drive, switched hard drives left it until this morning to cool down - flashing red light.

Now comments suggest Sony charge £150 for repairs, but I have this insured. I took out the extended warranty from Game when I bought it and extended it again past the expiry date a total cost of around £50. I called them up this morning not expecting a reply, yet there they were.

I now await a letter from their repairers with a Freepost sticker, which means I've got to dig out the original packaging, find a bigger box, find some bubblewrap, and then take it down to the Post Office.

Damn it.

[Update - As an aside I also contacted Sony direct. They gave me a new sequence to try and get the disc out - hold eject with power on, power off, power on while still holding it; I'll try that later. Also confirmed the Green, flash yellow, red, red flash meant a non-specific hardware fault and that as an out-of-warranty it'd be around £130 to repair]
[Update 2 - So eager I got two letters from the repair firm, both identical. Oh and no that trick to get the disc out didn't work]