Software cannot damage hardware directly.
On the PS3 specifically I can think of many things that would make the console unusable & a couple that could be used in a deliberate attempt to destroy some of its hardware.
For instance, imagine what would happen if a malicious code snippet that reprograms the syscon fan tables to disable the fan & the overheating shutdown procedures was executed on a console?
And what about a legit code snippet originally meant to improve the fan control that might, for some reason, be dysfunctioning to the point that in effect it does the same thing as the malicious code I just described?
Also, a code snippet could corrupt a firmware, with malicious intent or not, which in practice can kill the hardware even though technically it does not fry any component per se.
In that case, reprogramming the firmware to revive the console might be an option but it may require hardware & know how, and in some cases reprogramming isn't possible without having a prior backup.
In the ps3, there are various potential targets for such issues.
@Bruno-Paz
The PS3HEN payload made available by ps3xploit team cannot directly damage any hardware in the ps3, at least not as far as we know. The HEN payload is open source, anyone is welcome to look at it, it is just a mini Cobra version where all features requiring hypervisor jailbreak were removed. The Cobra code has been used/improved for many years, it has been at the core of most modern PS3 CFWs for just as long.
Of course, I cannot speak for other HEN payloads compiled/hosted by 3rd parties.
HEN is a jailbreak enabling you to run custom code like on CFW. From there, it's like on PC, the custom code you run can be malicious in nature (it has been extremely rare & limited in scope on the PS3 so far but not unheard of) or it might simply be incompatible with your setup & create problems with your OS to the point that you must reformat & reinstall everything.
In the most extreme cases, running incompatible custom code might even brick a console.
If you wish to avoid this kind of problem, you might wanna think twice before
1. installing a homebrew you are not 100% sure to be compatible with your current setup.
2. installing anything (homebrew/game/app) that doesn't come from a verified & trusted source.