The PS3 jailbreak mod-chip made the waves on the internet just yesterday and here we already have the how to step-by-step guide to help you jailbreak your console.
…s on PS Jailbreak USB turn on while the console is loading.
If the green LED lits up the jailbreak is working properly
If the red lits up it’s not working.
If you end up with a red LED, turn power off, remove power chord and repeat the procedure.
Step 3: Once the Jailbreak mod-chip loads, connect the USB with Backup Manager on it.
Step 4: Naviage to “Game Menu” and select the option “Install Package Files”. Select “manager.pkg” which will basically install Backup Manager for you
Step 5: Once the Back Up Manager is installed, select the Back Up Manager from game menu and press X button to run it.
Step 6: After you have opened the Back Up Manager, put in a DVD of the game and press “O”. You will be asked then whether to make a back up on the internal HDD or the external USB storage device.
Step 7: To load a previously created back up, insert any original game DVD in console then select the desired back up from the Back Up Manager and press X to play the selected game. You can also delete your previously…
Link:
How to Jailbreak Playstation 3 with Mod Chip [Guide]