I'd say laser or fuse probably blew or disc sensor problem. What version of the PS3 are you using? If you have a disc inserted and the blue light is on on the station but no game is showing up, you have a bad or extremely dirty laser. If you have a disc inserted and the blue light is not on and you can't see the game disc it's probably a bad disc sensor.
Either is probably hardware and can be fixed. You'll need replacement parts though more than likely.
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