First make a backup of your PS3 HDD data and about your question,...
...no, it's definitely not OK! Your PS3 has issues with the cooling system. My 2year old 60GB was behaving similar, very load at start up, never steps down with fan speed and being very hot all the time, till it died last week with a yellow red light of death! Many 60GBs are having the same issues, most of the PS3 that belong to those few 3% of all died PS3 are in fact 60GB versions! Hell, Sony even had a campaign were you could exchange your old 60GB PS3 with a brand new 40GB for almost free with one of Europes biggest electronic markets!
Now I have a brand new 80GB, absolutely cool, silent, can't hear the fan almost, even the disk is loader then the fan and itsteps down with fan speed very quickly.
So please, believe me, don't hesitate, your PS3 is broken and has been bought with a broken cooling system! Get to your store and request a new one, as long as you have the guaranty!!! And if you want to call Sony, don't let them fool you. They will say, all is OK, but that's not right. That's not the normal way, the console should work. I even suggest to request money back and buy a new one from another store to avoid getting a similar broken console from the same shipment (same faulty production line).
What can cause this malfunction? Mainly it is caused bya messy applied cooling paste, between chips (Cell or GPU or even both) or faulty heat sensors.
Here are links to prove the concerns and to convince you to act!!!
German link to official forum with more then 200 pages of posts about this problem!
http://community.eu.playstation.com/playstationeu/board/message?board.id=196&thread.id=59638&view=by_date_ascending&page=1
English link
http://boardsus.playstation.com/playstation/board/message?board.id=ps3&thread.id=3420218
so if you even have a 80GB version and it behaves like a dying 60GB that will proberly die, then you have to do something, mate.
Good luck.
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