You got the "Yellow Light of Death" (YLOD).
It has nothing to do with firmware updates. It's just a common hardware fault with FAT PS3's.
You have 2 options.
1) Send it back to Sony for a repair. They'll charge you a lot.
2) Fix it yourself with some thermal paste, a heat gun and YouTube video's showing you how to do it.
60GB (120GB WD Scorpio Drive) PS3 (CECHA01, NTSC), 3.7OFW
60GB (640GB Samsung Drive) PS3 (CECHC04, PAL), Kmeaw 3.55, Repaired (Dead Laser)
PSP-1003 FAT, CFW5.00 M33-6 & Prometheus v2
X-Box 360 Xenon (JTAG'ed, 500GB HDD)