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There is a major rumor going around about an Indonesian team called KADO claiming they can run copied PS3 firmware 3.60+ games on an official firmware 3.55 console using a dongle called Jailbreak 2. Since this news is going so viral I have decided to post it here for all to discuss, whether it be fake or not time will tell and thus avoiding been flamed for reporting late.
In the first video we are shown a console on OFW 3.70, he inserts the dongle, goes into recovery mode, presses a select start combination, installs a firmware called "3.55 - Dongle" and plays PES 2012 from what looks like an original disc.
The second video (Updated link) from you tube, as stated in the first paragraph, shows the dongle in action running the game off a backed up disc.
Just one word... Awesome
Check the source for videos
Source