Robin Hoods Playground

I received a old ps3 (the one that has the memory card slots in front)from a friend who wanted me to try and fix it. At first, it had sound and a little video at start up with regular av cord, but soon the video would turn into a bunch of different colored wavy lines. HDMI only had sound, no video. I tried to get into the reset menu by holding down the power button, but it wouldnt let me get into that menu. I tried like 15 times in a row and nothing. While I was holding down the power, it would beep and power on, beep 1 more time for the video reset, and 1 more beep and turn off. Well now I get no sound or video at all out of this thing. Any Ideas?

to get into recovery menu,power on,then hold button until it beeps then turns of,then press power until you here 3 beeps,then you will be able to restore file system etc.but no video sounds like graphics chip problem,so maybe try reflow and new thermal paste?