Firstly, if you're still in warrenty, that's probably your safest bet.
I've heard a few of the newer PSP-3000 PSPs can sometimes be fixed by removing the battery for 30 seconds, but I'm not sure if that's anything more than rumours. And it's not recommended, but some have had success with cleaning the disc lens or blowing dust out of the system.
Unfortunately, it's not an uncommon error for PSPs.
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