Yes, usually an old PS3 disk should work on a new PS3 console.
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You jailbreak the firmware.
The old PS3 can only play the oldest PS3 games. A new PS3 can play both new and old games.
on the ps3 console in the front their is a button it will take the disk out
It means there is a hardware failure in your PS3. This could be due to overuse or abuse of your PS3, or just wear. You will have to buy a new PS3 or send it in to Sony to get repaired. If you buy a new PS3 you can take your hard drive out of your old PS3 and put it into the new one to retain your save files.
On a PS3, 40 GB stands for the size of the hard disk. It refers to the amount of memory that is available on the PlayStation 3 system.