Dunno if anybody else has been keeping up with the news, but the PS3 has been broken... again xD
Best news is that its a simple firmware update... no hardware hacks required.
Long and short of it... I just "backed up" my friends copy of Red Dead Redemption Undead Nightmare to my external... and am playing it on my PS3 without the disc
Jailbreaking your PS3 currently allows you to:
Load emulators for NES, SNES, GENESIS, etc (allowing you to play roms)
Fully backup games to externals or internal (allowing you to run them without the disc)
Load custom packages that unlock new features to your ps3 (file managers, games, etc)
This works currently with the 3.55 OFW
So go check out more about it, grab some games and roms and enjoy!
Tutorial on installing Kmeaw Custom Firmware
I'm off to backup a copy of GTA IV... lemme know if anyone else is playing with this.