I believe mine was about 5 years old before it died on me. I was playing Battlefield 3, lined some ****er up in my scope, and it died exactly the same way, and right before I squeezed the R-trigger.
I hit the power button, heard it start up, then it would beep, and the red light would flash and whole thing shut off.
I searched craigslist and found an ad from some kid who lived near me, and repairs them for $30. Took about 30-40mins, and he even gave me a 60 day warranty. I still purchased a new PS3, but the old one is now used solely as a Blu-ray player in the living-room.