First make sure the CD/DVD is not scratched or dirty. Get a cleaning kit and use it to clean the laser and disc off inside your PS3. If it won't work after you clean the CD/DVD then your Blu-Ray Diode has burned out (a very common problem with the PS3). The PlayStation 3 uses two different lasers to read a disc. One of the lasers inside is used for standard DVD's and CD's and the other one is used strictly for playing Blu-Ray. The only way to fix your PS3 at this point is to replace that Blue Ray laser. If you do not have electronic repair knowledge I would recommend paying the $150 to have Sony replace it. Your PS3 is under warranty for one year from the original purchase date.
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