Your best option is to get another PS3. You can resell that version of the PS3 since it is Backwards Compatible. People will buy it and will be able to repair it. The 60giger does hold some value do to the reason Sony not longer makes PS3 consoles with PS2 B/C. Since you mainly use your PS3 for watching Blu-rays and DVDs any PS3 model will do you just fine.

You can get some cash for you busted PS3 60giger and put it towards a new PS3. (I have 127 PS2 and 55 PS1 Disc games) So that is the reason I have a 60gb PS3.

So there is a small niche market of people looking for PS3 60ggers and 80 1st editionand 20 Gigers. For the B/C features. most people don't bother with B/C but your busted console is worth a bit of cash, thus will be repaired and resold.

Playtime service and a few independant Gameshops will ive you cash for your broken 60giger (not much but it is better than nothing) 50-60 dollars

Megavideogamer

i have 2 suggestions and 1 question

when you turned it on after the update you said it was still searching . did it apply the update ? ( theres supposed to be a second bar after the download saying APPLYING UPDATES) ?

1) try fixing the cable

2) press the button and wait like 30 min see what happenes. cuz your ps3 might be in slow-mo :P