PS3 yellow light of death - Fixable?

I was gifted (cheers Rachael!) a PS3 which has failed with the dreaded yellow light of death. The cause of the problem is usually due to overheating damaging solder points on the CPU/GPU. Switching in the PS3 results in a weird traffic light scenario, the LED starts off as green, then yellow and finally flashing red.

The problem can be resolved by a technique called reflow soldering. So off I trot to purchase a heat gun.