Burn it to a disk, stick it in your PS3, make sure to format the drive (10gb for OtherOS - fine), then hit Install Other OS. It will detect the bootloader (.BLD), install it, and then tell you to set the default system to OtherOS - do so (keep the disc in)
On reboot, just hit enter at the kboot: prompt, which will start the install procedure - its very straight forward, just use the default settings.
Once installed (my install took about 2 hours, and appeared to freeze multiple times - don't worry, it didn't!), and rebooted.
I ran into an issue (it started yelling about missing rootfs), the BLD was "bad", so being lazy, I just rebooted to PS3 mode, and installed Petiboot as the OtherOS (it's only the bootloader).
That detected the Ubuntu install, which then booted right up. Then proceed to login , and then start up a terminal.
Issue this command:
sudo apt-get install kernel-headers
It will prompt you for your current user password, enter it - then should proceed to install the kernel-headers.
You may get an error as such:
If so, they may already be installed - continue on to the next step.
Don't worry about the warnings, as long as there are no errors you will be fine.
That should create a "exploit.ko" in said directory (you can check by issuing a ls in said dir)
Then simply, issue these commands:
chmod +x run.sh
The first line makes the script executable, and the next will then run said script. It will ask you for your password, and start up the exploit. Then simply get your timing down, and the exploit should get triggered!
However, to actually get any use of the exploit, you are going to have to of course compile your own code, by either editing the exploit, or adding in your own code - so it's probably best to have a working development environment!