HOW TO: Jailbreak PS3 Running 3.55 Firmware

How To: Jailbreak PS3 on 3.55 only

STEP 1: Plug a USB stick into your computer
STEP 2: Create a folder in the root of the USB stick called PS3
STEP 3: Create a folder inside the PS3 folder called UPDATE
STEP 4: Download : http://www.mediafire.com/?2hq9b8n1gi13i7a
STEP 5: Unzip Jailbreak.zip to PS3UPDAT.PUP
STEP 6: Move PS3UPDAT.PUP to the directory UPDATE that you just created on the USB stick
STEP 7: Plug the USB stick into your PS3
STEP 8: Navigate to Settings Tab
STEP 9: Choose 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)
STEP 16: Your PS3 is now jailbroken!

How To: Install Packages

STEP 1: Plug your USB stick into your computer
STEP 2: Drop http://geohot.com/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
STEP 8: Wait for more packages to be created by the PS3 community

Note: With the above geohot's PS3 jailbreak guide, you won't be able to
play backup games or pirated games or whatever you choose to call them.
You can install packages with the provided installer. More packages
will be coming from the PS3 jailbreak community in the coming weeks and
months. [via StealthBravo]