lingo
Broken In
@ vamsi_krishna
Buddy ps3 is also moddable now thanks to a little usb device called jailbreak. Its available now and now ps3 can play backups and other downloaded games.
First off, Jailbreak is not a mod, it is a hack.
I think, at the time when OP posted, although PSJailbreak was out.. PS3 games were using this new iso format(from the game 'medal of honor') which will make the games inaccessible for PSjailbreak. But later, They have updated the Jailbreak. And now, they can run games. But you should note that, PSjailbreak will not work once you update the firmware of PS3 as sony locked the Dev-mode on the console via patch though which jalbreak is running the dumps.
But Now, as the PSDowngrade hack is out, thorough which one can downgrade their Playstation 3 firmware, no matter what their FW version is. But still there are speculations that question PSdowngrade compatibility with Future firmware updates(although PSjailbreak team claims something different).