I'm not sure what your RSOD was saying original poster? But if you unplug all the components and take your to your Ps3 on the driveway, then get a hammer and smash the living hell out of it. That may or may not fix your problem?? I had to when mine RSODeathed me. it was invigorating!
Sounds like the blu-ray drive is dead or the drive firmware is corrupted and is causing the system to RSOD. Have you tried recovery mode and reinstalling the 3.50 firmware while in recovery mode?
I second this idea. Download 3.50 again. Do an hash check on it (from what ever website you can find a hash check on (MD5, SHA1, etc...))
Use a different flash drive or flash device just to be extra cautious. Select Update firmware from the recovery menu, and then it will prompt you to insert a flash drive with 3.50 firmware or higher.
If that doesn't work, full format the hard drive via your pc, and then try again, if that doesn't work, call technical support and pay $150-$US180 to get the PS3 fixed... or marked the "Krisdog's" comment as best answer and take a hammer to your system.
i got the exact same problems with my ps3 as pool. So, i really like to try booting up AsbestOs. As "Jailbreakstick" i use a HTC ACE (aka. HTC Desire HD) with psfserviceMod. PsfMod supports loading hermes Payloads and should be capable of handling the 40kb paylod.
My question is where do i get the payload. I was looking everywhere but can´t find anything.
Any kind of help would be great. So, thanks in advance.