You should try and call Sony up and explain what’s wrong. My PS3 completely died with the yellow light thing and it is almost 2 years old. I called them up, told them what happened and their sending me a new one... well a repaired one free of charge. Just say it's in perfect condition and make it sound like it's because of faulty workmanship (Most probably is) and they might not charge you.
It’s worth a shot, even if you have to lie. Put up a fight.
Oh... don't open it, they won't take it no matter how much you pay them.
Hope this helps, you don’t want to just give them $150, make them work for it.