Will a PS3 work without the Blu-Ray drive?

I found a PS3 Phat Model in the trash in TERRIBLE condition. I brought it home and upon further inspection, where the blu-ray drive is, there is an empty slot. BUT THE REAL QUESTION IS... when I turn it on, it beeps, the light turns green for a few seconds, then yellow and straight to a blinking red. And beeps. Lots of beeps. Is this normal behaviour for a PS3 without the drive, or is this something else? Thanks!