That's it for now - many thanks for joining us, and we'll be back at 1pm for qualifying. See you then!
Free Practice 3
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Vettel comes round for his best lap now, but he doesn't improve and remains third fastest.
Hamilton now comes around trying to out-do his team-mate - but he falls short! He improves to 1:31.633 but it's not quite enough.
Rosberg goes fastest with a 1:31.487! He's a quarter of a second ahead of Hamilton.
Rosberg is on a flier - he's nailed the first sector and is a quarter of a second ahead...
More trouble for Hamilton as he flies off wide, but comes back on safely.
Perez goes off the track again! He overcooks it completely through the Becketts section and ends up sliding sideways off the circuit! What a morning he's having...
Alonso goes out on the medium tyre and looks fast, but he loses it slightly by running wide on the final sector.
Cars flooding back out on the track now, with only the two Mercedes cars, Massa, and a few back markers still in their garages.
Back in the Ferrari garage, Felipe Massa is having his engine changed - just a precaution, the team says. More on the reasons as and when we get them.
Here coes Perez back out on the track! He's got the hard compound tyres on and gets his stint under way with a practice start.
Raikkonen improves his best ever so slightly to 1:32.459, but it still the only man left out there.
Everyone except Raikkonen is now back in the pits - it'll be final tweaks to get ready for qualiying, then straight back out.
Raikkonen falls right off the pace in the final sector of that quick-looking lap - Mercedes do seem a lot quicker in that final section.
Back in the McLaren garage, the crew have worked wonders and Perez is about to get back out there! Incredible what mechanics can fix in half an hour. And to think my local garage charged 1.25 hours labour to change brake discs and pads last week!
Kimi Raikkonen heads out onto the circuit once again and has set a flying first sector.
Hamilton's flying lap turns out to be a 1:31.750, and moments later Rosberg also crosses the line with a good one: a 1:31.833. The two Mercedes cars are the class of the field in this session so far despite those early problems.
Two big mistakes by Maldonado and Di Resta, both at the final corner before the start-finish straight. Both save their skids, with Maldonado pulling off a fabulous-looking powerslide all the way round. Career in rally beckoning, maybe?
Webber takes back fastest lap with a nice, tidy one - but Hamilton is still going and about to go even quicker on hard tyres that are now six laps old.
Fernando Alonso looks set to challenge Hamilton's time but makes a mistake in the final section and misses out.
Massa wrestles with the car successfully, avoiding disaster and staying on. He finishes the lap and is 8th quickest man out there.
Massa almost loses it again! He crashed yesterday, and nearly goes off at the chicane section from turns 10 to 14.
Vettel only 20th quickest so far - not sure what the Red Bull is trying to do at the moment.
Hamilton shrugs off that mistake and posts the quickest time so far - a 1:32.317!
Hamilton loses it! He almost skids off the circuit, but saves it - still all sorts of trouble for Mercdes to sort out in the garage.
Lewis Hamilton is now back out on the track - let's see if it gets any better for him.
Ricciardo improves his best lap again and is just a tenth behind Webber now - looking very tidy this morning.
Rosberg is also in the pits with engineers working on his Mercedes, but the German is in behind the wheel and looks set to get out again soon.
Webber improves to 1:32.369, still almost a second clear of second-fastest Daniel Ricciardo.
Lewis Hamilton is in the pits and looking grumpy while his crew work like mad making changes to try and get the car working better. Hamilton wasn't happy yesterday either - another tough weekend for the former champ.
McLaren admit that they are worried there could also be gearbox damage, but that it won't become clear for another 15 minutes or so.
"The damage is very extensive... Sergio didn't hit anything... There was no warning, it was just unexpected sudden tyre deflation," says McLaren's Jonathan Neale.
A sheepish-looking Pirelli technician is spotted by TV cameras heading back to the research trailer to figure out what happened.
Mark Webber leapfrogs to the top of the timesheets with a 1:32.560 - over a second faster than anyone else so far.
McLaren are swapping out the entire floor of the car - hard to see Perez getting back out, but there's plenty of time to do all the work before qualifying.
Perez's car looks an absolutel mess - the underside, suspension and back left corner took a real battering after the Robin Reliant-style three-wheel return to the pits.
Massa and Raikkonen are both straight back out onto the circuit as we get back under way.
The debris is clear and we're back in action in FP3.
The blow-outs are apparently caused by excessive strain on the shoulder of the tyre - considering that Copse is just about a flat-out corner, there's no tougher test for a tyre.
Perez absolutely fine, but exploding tyres are a bit of a worry. Seriously, the F1 tyre contract seems destined to be a PR disaster for Pirelli.
Back on the track, stewards going into the high-speed Copse corner are clearing huge chunks of rubber away. Shouldn't be too long before we're up and running again.
"The tyre exploded!" an incredulous Perez tells his pit crew over the radio - he's still going, and is now limping back down the pit lane on three wheels.
The session has been red flagged! Bits of Perez's tyre are strewn all across the racing line.
Sergio Perez has had a blowout! The McLaren driver had been going well, but his back left tyre is in absolute tatters and he is forced to pull off the circuit onto the Northamptonshire grass.
Nico Rosberg now comes out onto the circuit, and he's trying the hardest compound.
Valtteri Bottas in the Williams leaps to the top of the timesheets so far with a 1:33.603.
Alonso clocks 1:35.159 with his first lap.
Hamilton is a good three seconds off the current pace in his opening lap, but will stay out to help his crew get data on that problem.
Fernando Alonso is now out on the ttrack for the first time.... let's see how he does.
Teams playing around with all sorts of settings today: Red Bull have made some adjustments to their exhausts. Check out Will Gray's blog on how set-up affects the cars here:
Raikkonen improves to 1.34.184 with his second flying lap, still a little way off yesterday's FP2 times in the 1.32s.
Bad news for Lewis Hamilton already - he's announced that "there's big vibration already" over the radio. Hamilton is one of four drivers out on the medium tyre, the rest going out on softer tyres at the moment.
Raikkonen comes around and avoids the pits, and will set the first time... it's a a 1:34.367.
Vettel and Raikkonen are among those out on the circuit, with drivers nipping on and off the track and no times being set yet.
It's dry and warm, if cloudy, at Silverstone this morning, and several cars are straight out onto the circuit - perhaps fearing rain later on in these highly changeable conditions.
Welcome to our LIVE coverage of the final practice session for the British Grand Prix at Silvestone. The lights have gone green and cars are straight out onto the track.