How to Access Playstation Recovery Menu
1. Turn off Playstation 3.
2. Hold The power button down; The system will turn on and turn off once again.
3. Once the System has been shutdown, re-press you finger until you hear 2 consecutive beeps
4. When you hear the 2 beeps take finger off power button.
5. You will be promted to plug in your controller via usb and then hit the PS button
6. The Recovery menu will pop up.
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Supported Features of 2.50 Recovery Mode
The current Recovery Menu supports:

Restart System:
Restarts the PLAYSTATION3 System.

Restore Default Settings:
Reset all system settings back to default.

Restore File System:
Checks for corrupt/missing system files.

Rebuild Database:
Rebuilds the OS for the PLAYSTATION3.

Restore PS3 System:
Fresh restore; Deletes everything and starts from Scratch.

System Update:
Update the PLAYSTATION3 System