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Sounds like it could be your Blu Ray drive. Similar thing happened to me a little while ago.
Best bet is to contact Sony support on:
Australia: 1300 365 911
New Zealand: 09 415 2447
Times Open: Australia: Monday - Friday 8am - 8pm AEST
Follow Up Line - Monday - Friday 9am - 5pm AEST
New Zealand: Monday - Friday 9am till 5pm
Replacement or repair is free if your PS3 is still under warranty - Estimated repair time is usually 10-15 working days.
The fault you do seem to be having could be due to a fault internally with a console. As stulaw advised it is best that you contact the PlayStation Support Centre on the either 1300-365-911 (AU) or 09-4152447 (NZ).
The cost to service a PlayStation 3 console is a set fee which cover's parts and labour that goes in to the machine. When contacting the Support Centre then you will be provided with further information.
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if your still in warranty then contact sony, if not they what i did was open up the ps3, then open up the disk drive, clean the lense with cotton buds and cleansing fluid... put it back together and hopefully should be ok... other than that you'll have to pay for new console.. After i cleaned mine i unplugged all wires from inside console, then replaced em all , put it together again and it works fine. there are videos available on youtube if you're unsure of how to clean it yourself... Good Luck
i bought this ps3 slim used....it worked great for a couple months then all of a sudden last week i started a modern warfare 3 game and was in the middle of a match, then it blank screened as said disc read error... i reset the system, cleaned the game and started over. it worked fine for a couple of games then it frozed in the middle of a match... i've reset the system completely and now i can usually play a few games at a time but eventually it will either freeze or disc read error. do you know what the problem is?