My PS3 keeps saying its overheated yet it is not hot, nor has been on long enough to be, any suggestions?

May be...

After about three minutes of playing, it shuts down saying its overheated, is it possible to shut down this feature

thats not normal m8, take it back uder the guarantee, before something serious happens

Make sure the ps3 in sitting on an open space that has a lot of air circulating it.

Put it in horizontal position - it's better for cooling. Make sure there is a 10 cm space around it.

If the PS3 is standing vertical, make sure its not covering the fan.

and they say the xbox 360 break down a lot!!!! try at least calling consumer severs