You can always request a free repair, though I'm not sure how much luck you will have being that your system is 4 years old. My PS3 crapped out on me two nights ago. I called tech support, and they were of little help besides telling me that I need to fill out an online service request form and pay them $150. I sent the following e-mail to customer service:
"I placed a technical support call regarding a red screen error that I received on my PS3 last night. I was disappointed that my only option was to pay $150 to get the system repaired. The factory warranty expired just over a month ago on 6/16/10. The error did not occur until I installed a required system update, and by all accounts the error is caused by a corrupted hard drive.
I have been a loyal Playstation customer since the PS1. I am requesting that you repair or replace my system free of charge."
I wasn't expecting much but thought it couldn't hurt to try. Here is the shocking reply:
"We apologize for any inconvenience you are experiencing with the red screen. I received permission to do a one time gesture of goodwill to repair your PlayStation®3 system. We can offer to service the system with no charge for service or shipping under a one time Gesture of Good Will. We will send you a box by UPS so you can pack your system. It will include a prepaid shipping label addressed to our service facility, and documents with detailed instructions on how to pack and send us your system.
Turn-around time for our service is about 8 to 12 working days from the time we receive the system. The serviced system will come with a 90 day limited warranty that starts the day you receive your unit.
The service center reserves the right to repair, exchange with a factory certified system, or return your system to you according to their diagnosis."