wrong
if you are CFW that mean you have jail-broken ps3
but if you meant to say OFW 4.66 to CFW 4.70 yes you can but you got to have jailbreakable ps3 (hardware required)
When you are already on a CFW (custom firmware), simply install a 4.70 CFW of your choice.
However, I guess you meant to say that you are on OFW original firmware), if so, you first need to downgrade your PS3 to 3.55 (E3 Flasher needed) and then install a custom firmware of your choice.