The Yellow Light of Death is a way for your PS3 to tell you that it's crapped out on you, and you're going to have to send it back to Sony. it can mean any kind of hardware failure. As far as frequency goes,due to a fault with the thermal paste that was used on the original PS3 that dried up causing it to over heat. But it can also happen on any model for any other reason as well
Typically to fix it, people replace the old thermal paste with: Artic 5 thermal paste, or they also have the system "REFLOWED"
BOB: sup man my ps3 is acting weird man when I turn it on I don't see nothing man, I think its got the YLOD
STEVEO: dude its probably that crappy thermal paste that dried up, go buy some artic 5 thermal paste from ebay and fix that beast
YLOD - Yellow Light Of Doom
A yellow light that basically means that your Playstation 3 is broken.
It's similar to the Xbox 360's RROD (Red Ring Of Doom).
Ryan: Wanna play some Killzone 2?
Doug: I can't, my PS3 has the YLOD...
Yellow Light Of Death
A light the the PS3 displays when a hardware error has occurred. This means you either have to ring sony and get fucked or try fix it yourself.
AHAHAH! Says all the 360 fans, they have a RROD too!!!
That is wrong, >3% of PS3s will be custom to a hardware problem, while a disturbing 13%+ of 360s will get the RROD alone. (Excludes other problems)
Ps3 dude, " Brooo, got the YLOD last night "
360 dude, " Should've got a 360!! "
Ps3 dude, " Uhm... you Fail. "