Hello, it sounds like you have the famed "Yellow Light of Death." This is quite a bummer, but by no means does it absolutely mean the end of your PlayStation 3. (I am assuming that you are speaking of a PlayStation 3, as that is the only console that I know of that has a status indicator light that starts green, briefly turns yellow (or orange) and then blinks red, accompanied by several beeps).
Luckily for you, iFixit has both guides and kits to facilitate this fix. Here is your guide, and here is your part. It will also help out a lot if you give your PlayStation a thorough cleaning when you take it apart. You would be surprised how much dust and dirt can accumulate inside of a Game Console.
Good luck, and let us know how it turns out.
Fix kit for PlayStation 3 (PS3) consoles with the "Yellow Light of Death" (YLoD) failure. Kit includes Arctic Silver Ceramique thermal paste, complete set of replacement thermal pads, ESD-safe spudger, 26 Bit Driver Kit, thermal paste spreader card, and h — 50+ available at 39.95 each.