My PS3 shut off in mid game and the red light was flashing. It turned back on and checked for any corrupt files. This has been the 3rd time in 6 months with this I am worried it will become a big issue. Should I just get a new one or is it my power cable which my dog chewed on over a year ago, it isn't bad but the part that connects to ps3 is missing a bit of rubber. And could I sneak trade it in somewhere to get money for the new superslim version?
This could probably be from the system overheating.
Check the vents on the side of your PS3 to see if they are clogged up with dust and dirt. Maybe your PS3 is not getting enough ventilation.