Blinking red light...game worked fine yesterday

I'm afraid the Blinking Red Light is fairly common, as it's an indication of a generic error.
There could be many things wrong with the console, but unfortunately it's impossible to say.

Although, one of the common causes of this issue is a dodgy connection between the PS3 & it's hard drive. I recommend removing the hard drive, gently cleaning the contacts with a cleaan tissue, and seeing if this solves your issue.

Here's How:
1. Turn off the ps3 and unplug all cables from the rear.
2. On the right hand side of the ps3 you will see a plastic tab with an HDD sticker. Remove this from the right edge with a thin lever.
3. Discharge static electricity from your body. Unscrew the blue screw in the middle.
4. Lift the tab and push the hd to the right. Now you can pull out the ps3 HD.

The alternative is, I'm afraid, to send it to sony for repair.

Good Luck!