My Macbook Pro Early 2010 model shuts down when I'm using it and sometimes gives me the gray screen telling me to restart. Most everytime I shut the lid and open it back up, it doesn't wake up, but I can feel and hear the hard drive spinning, and the LED on the front keeps blinking. The laptop seems to heat up worse than it use to, and sometimes when I try to turn it on, I get the three beeps. I know that means something's wrong with the RAM, so I tried different RAM and switched ports trying every configuration possible. 3 years ago, I dropped it and had to get the screen replaced. It was working fine until about a month ago when the issues started coming up. I also tried updating it from Snow Leopard to Mountain Lion to see if it was a system error, but that didn't help. HELP!!! Any suggestions would be awesome!
Your kernel panic certainly indicates a hardware failure of some sort so I wouldn't be surprised if you do need a logic board replacement. That, of course, can be very expensive. Since it's an older model, you may want to take it back and ask about Apple's Flat Rate Repair Pricing scheme.