IPhone crashed and won't turn on?

My iPhone crashed out of nowhere. I was just on my phone when the screen turned gray and pixelated. The phone shut off on its own and restarted. Considering the phone (a 4S) has crashed before, I wasn't that surprised. However, after roughly 10-15 seconds of the apple logo showing when it was trying to restart, the apple would suddenly disappear and the screen (normally black when its turning on or restarting) might turn a slightly different shade of gray, crash again, and then try to restart once again. It did this 3 times before I managed to turn it off (trying to turn it back on produced the same result I described above).
I guess my question is, has anyone heard of this happening, is it something serious, and can my phone be fixed?
I've heard hardware failure thrown around for situations like this, but any knowledge would be appreciated.

Put it in dfu mode and restore thru iTunes.

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