Unfortunately no, the eldest phatties can run ps2 discs because the systems had the ps2 emotion chip included, but it was removed in later models to cut production costs (i think) so you are stuck going for classics format or ISOs with a slim. Old phats with the right hardware supported ps2emu and/or ps2_gxemu. Ps3 slims have a feature where the fan turns on at its fastest speed for reasons like these to remove dust in the disk tray and fan It doesn't remove anything and it's available on fats too. It's just a fan test to check if the fan is working under load: if it speeds up and mantains its speed, everything's normal. Get the 500GB and pay the extra $50-$60. I mean the 12 GB runs around $199 with no game and no hard drive. I Paid $259 for the 500 Gb system and go a game to boot. So unless you have the hard drive bracket and a hard drive to use, stay away from the 12 GB system. I would recommend this to a friend.
Do not turn off the PS3™ system or remove storage media during this operation. If the operation is cancelled before completion, the system software may become damaged, and the system may require servicing or exchange. During system storage formatting, the power button on the system front and the PS button on the wireless controller are not
@James You wouldn't likely need to decrypt the files, as long as the filesystem metadata has survived. The filesystem used by the PS3 is UFS2, for which there are many advanced repair utilities, since it is also the filesystem used by FreeBSD (which the PS3 system software is based on). See also this. – . 167 27 102 428 283 381 61 360

disc stuck in ps3 slim