How to Jailbreak PlayStation 3 on 3.55 Firmware
Guide from: zimbio.com/IPod/articles/Bdj5o2II9zD/Geohot+Releases+PlayStation+3+3+55+Jailbreak
Step 1: Plug a USB stick into your computer
Step 2: Download PS3UPDAT.PUP file.
Step 3: Create folder PS3 and then create folder UPDATE inside it.
Step 4: Unzip Jailbreak.zip to PS3UPDAT.PUP and put PS3UPDAT.PUP filein /PS3/UPDATE/ folder of your USB drive.
Step 5: Power down you PS3 console and put USB drive.
Step 6: Now press and hold the power button, the system will startup and shutdown again.
Step 7: Release the power button, then press and hold power again, you’ll hear one beep followed by two consecutive beeps.
Step 8: Release power then follow the on-screen instructions. You’re now in the recovery menu.
Step 9: Connect the USB device and select “System Update.”
Step 10: Choose Update via Storage Media
Step 11: It will say it found Version 3.55-jb
Step 12: Choose OK
Step 13: Accept Conditions and Install Update
Step 14: After less than a minute, your PS3 will update, beep 4 times then shut down.
Step 15: Power up your PS3 (You will have to do it on the console and not by the controller)
Voila!! Your PS3 console on firmware 3.55 is jailbroken now.
How to install Packages on Jailbroken PS3 3.55
Step 1: Plug your USB stick into your computer
Step 2: Drop the test.pkg into the root of the USB stick
Step 3: Plug your USB stick into your PS3
Step 4: Navigate to the Game Tab
Step 5: Choose Install Package Files
Step 6: Select the test.pkg
Step 7: After it installs you will find the test package from geohot installed below the Install Package Files folder
Note: With geohot’s PS3 jailbreak, you can't play backup games or pirated games or whatever you choose to call them. You can install packages with the provided installer. Geohot will be releasing all the required tools to sign the homebrew soon.