That's almost as crazy as how I fixed the Yellow Light Of Death on my Playstation 3.
The 'fix' that I found on u - toob for it is so you can get it to boot long enough to get your saved games off the HDD. You stick a hair blow dryer in the back of it and let it blow on high with high heat for 15 minutes.
Fixed it long enough for me to use it for a few days until it died again. Then I did the hair dryer trick again just long enough to get my saved games off ... ya know, because I thought I had it permanently fixed while it was running for those few days and I didn't see the need to waste the time to get the data off. Doh!
The permanent fix is to strip the entire PS3 down and take out the motherboard. Wrap it in tin foil and bake it for 10 minutes at 425 degrees. But the problem is, you have to take off heat sinks, and a bunch of those hair thin connectors. Chances are you'll destroy something else doing it.
They do this with dead video cards too.