Remember you can only jailbreak if your on a 3.55 firmware. if your on a higher one you will have to use a e3 flasher to downgrade.

If your above 3.55 and decide to follow a youtube vid saying "downgrade to 3.55 of any firmware (without e3 flasher)" you will brick your ps3

You can play back up games and go online with them

PhyzicL- wrote Hi TTG,

im thinking of jailbreaking my ps3 but im afraid that it might get bricked or i cant go online, also can i get free games when i jailbreak and go online with the games?

You Need This Tool:
Forums/t=6159775/released-downgra...hrimp.html

You will need a programmer. Tool above is for Teensy++ 2.0 there about $25
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Console Model Must Be CECH-2500 or Lower:
CECH-3000 and CECH-4000 CANNOT Be Downgraded.

CECH-2500 Only 75% are downgrade-able check lowest firmware you can install with "MinVerChk".
Must be 3.55 or lower or else it cannot be downgraded.

MinVerChk Use:
Step 1: Download the [ Register or Signin to view external links. ] .
Step 2: Put the PS3UPDAT.PUP onto the USB Flash Drive in the PS3/UPDATE/ folder.
Step 3: Power on your PS3 and navigate to the "System Update" option in the settings
Step 4: Choose "Update Via Media Storage"
Step 5: Let the PS3 search for the update, once it's found it it will ask you if you'd like to run it. Hit "OK"
Step 6: It should only take a few seconds, a message will pop up telling you what the lowest firmware your PS3 can use!
Step 5: If lowest version is 3.55 or lower then your system is downgradable.