I did try that and I got the very same result. Green goes on for couple of seconds then it beeps twice and it starts blinking red. I even tried botting it with the CD drive removed, same thing.
INFO:
I was on 4.8.5 cobra 8. Something and i wanted a clean jb and to move to a cfw called reffor 8.20 ( definately sure I misspelled the name). So I started by going to recovery mode and resetting default settings and formatting and rebuilding file systems and then the ps booted normally and all went well, after that I realized I no longer have the package manager, thinking my ps3 was no longer jailbroken i decided to jailbreak it again to go to that cfw i mentioned above. I jailbroke it using the web browser and all went well. However, after I rebooted the ps3 the problem started happening.
I would really appreciate any help I can get. Feel free to inbox me if you want.