PS3 error Code of Death!?

So i got this error code 80010514. Ive checked around it seems to the Blu-Ray player lazer problem. So i guess I have to send in my system to Sony. (the sys. has been freezing alot lately and it wont read the games after it locks up) Does anyone know how long the wait time is to get it back to me? Also if they "fix" it and it does it again, can I exchange it for a new one? :)