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The "CPU" that you are referring to is actually a metal cover that acts like a heatsink. It has thermal paste between it and the actual cpu, as well as thermal paste on top of it. If you decide to pry it off, you will need to buy a heatsink glue/epoxy product to glue it back over the cpu.
You need to connect it to a normal computer to format it. After it's erased, reinstall it in the ps3 and it will load the required data. If your computer doesn't have the sata connectors, you can buy an external usb drive holder to do it with.