How to Update the PS3 System
Just connect to Wi-Fi and update it through the Settings menu. Easy peasy!
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First, make sure your PS3 is connected to the internet. Then, go to Settings > System Update > Update via Internet. Your console will check for the latest update and guide you through the process.
You can also update using a USB stick. Download the update file from the PlayStation website onto a USB drive, create a folder named 'PS3' and inside that a folder named 'UPDATE'. Place the downloaded file in the 'UPDATE' folder, insert the USB drive into your PS3, and go to Settings > System Update > Update via Storage Media. Follow the prompts from there.
I always update mine using a USB stick, just make sure you follow the file naming exactly or it won't work. Trust me, I've messed up a few times before.
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