PS3 Yellow Light of Death Fix?

The popular PS3 has rumors that there are defects with the product, however, Sony denies the allegation.

Sony states that less than half of a percent of units sold so far have had the issue.  But, in my opinion, if you are one of the ones with the issue, does that number matter?

But if you get the Yellow Light Of Death (YLOD), what can you do to fix it?

A good place to start is with a simple search online, especially forums such as Playstation.com.