If you have warrenty send it in to sony, if not looks like you need a new blu ray drive.
even if the laser is dead the XMB will show the loading icon, you can send it into sony for $150 i think if the warrenty is gone, or find a local consol repair shop to fix it for ya. repair shops are normally a little cheaper like $100 or so, or if your a do it yourselfer you can find guides online on how to replace the drive yourself. a drive by itself is about $50 you need to make sure you get the same model number though and there is still the chance that your logic board is the problem but this is less common than the laser dying. just remember that when you swap the drives out to be carfull with the logic board that is attached to the bottom of the drive because you have to use this same board with the new drive because each logic board is locked onto each ps3.
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