Thanks for the tips IATCG, but my disc read error went beyond a simple dusting. The drive is definately done for(it no longer reads DVDs or PS1 games any longer, in addition to blu's). After checking some repair shops in the area that wanted between 110-140, I settled on paying Sony the $99 to fix it. I know I won't have it for a couple weeks, but it's still better than getting a new one, because I prefer the look of my old fat system. I basically found the parts to fix it for around $70-80(before shipping), but I'm not gonna even attempt to do it myself, just in case there's something else bad going on under the hood I'm not aware of and it's not simply replacing the blu-ray drive. Of course this would happen when we're on the verge of getting a month of free PS+, but that's another story. I kinda wish it was a YLOD because those seem to be getting fixed for a cheaper rate around here.
So, ghettotwan, you might want to run thru the repair process on Sony's website as well. They will tell you how much the repair from them is gonna cost before you enter your payment method, so if you think it's too much, just cancel and close it out. For me, it came down to a cost + hassle scenario, and with the network still down, I didn't want to hesitate any longer and just went ahead and pulled the trigger on this.