The red screen message with writing on the PS3 consoles is probably the worst problem you can have on your PS3 console, also called the red screen of death. This is a major software problem, somewhere down the line, the PS3 console has part or all f the software on the main board.
Please note not the normal software that installs on the hard drive, but the software that stores on the main board itself. The software can only be reloaded by loading custom software on the PS3 main board, we don't get involved with any forms of chipping or modding of software.
Can it be repaired, if we can replace the main board for you yet it can, or if you can find someone that can load custom software on the PS3 for you.
Ultimately I would rather say you should take it to Sony and get a exchange PS3.