Remember GeoHot? Of course you do, he is the well known iPhone jailbreaker/hacker that created tools such as Blackra1n. He also told a long time ago that he is working on a jailbreak for the PS3. This jailbreak allows you to install and run homebrew packages.

You can jailbreak your PS3 in 5 easy steps:

1. Get a USB stick
2. Download the jailbreak
3. Create a folder called ‘PS3′ and inside that folder one called ‘UPDATE’.
4. Unzip the file you just downloaded and place its content in ‘UPDATE’
5. Run system update

GeoHot provides test.pkg which is a splash screen, you are not able to play backup games or pirated games with this jailbreak.

Source [FSM]