Sony will launch its new PlayStation 3 (PS3) video game console in the spring of 2006.

The new machine will be able to play existing PlayStation 2 (PS2) and PlayStation 1 (PS1) games, as well as acting as a DVD player, DVD recorder and DVR (digital video recorder).

The PS3 is powered by a powerful new processor, which Sony says is 35 times faster than the chip inside the PS2.

It will utilize BD-ROM technology (Blu-Ray Disc ROM) with a maximum storage capacity of 54GB, offering high-definition quality.

The controllers are wireless, using Bluetooth technology.

The PS3 will have a broadband Ethernet connection for high-speed Internet access, which means that PS3 network gaming will be available as soon as you plug in, much like the Xbox Live gaming service.

Sony Computer Entertainment president and CEO Ken Kutaragi said: "Sony has continuously brought innovation to the world of computer entertainment, such as real-time 3D computer graphics on PlayStation and the world's first 128-bit processor Emotion Engine (EE) for PlayStation 2.

"Empowered by the Cell processor with super computer like performance, a new age of PlayStation 3 is about to begin."

The all-in-one entertainment system will be available in three different colours - Black, Silver and White.

The PS3, Sony's answer to Microsoft’s Xbox 360 and Nintendo’s Revolution console, is currently being shown off at E3 (Electronic Entertainment Expo) in Los Angeles.