This happened to me too! Turned out it wasn't the ps3 it was the disk.
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take the disk out and make sure it is clean and not too badly scratched
Blockbuster have a machine that will fix any scratched disc for £2, no matter how scratched, but it cannot be repaired if the disk is shattered or snapped and will have to be replaced.
I had the same problem.. I just deleted all the other downloads I had in installous and it seemed to fix the problem.. give that a try
Unplug it and then plug it back in and press eject that often releases the disc
you don't you go buy a new disk... retard