I'm getting a green light for a second, I hear the fan spinning then it goes to a blinking red light and the fan stops, there are some beeps too. I read it was overheating and I already applied fresh thermal paste but it keeps on doing the same thing, should I reflow the chips?

Yes

Yes, reflow the chips. Sorry for double post.

reflow wont help ya

for reflow green ligths must be longer than 2 seconds on.
when not than chip is pretty bad.
needs proper cleaning and reball i think .

i had a lot of ps3
when i reflow works often but with a lot that doenst stand on for longer than a sec
they where all dead..

its pretty bad.. i'm afraid of.