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Update data download procedure
Create a folder on the storage media in which to save the update data. Using a PC, create a folder named “PS3” on the storage media or USB device. Within the PS3 folder, create a folder named “UPDATE”.
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Download the update data and save it in the "UPDATE" folder created in step 1.
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Notice:
Be sure to save the update data as noted below. If the data is not saved in the correct way, the PS3™ system will not recognize the update data. The folder name must be in all uppercase letters.
Location: Save in the “PS3” folder > “UPDATE” folder
File name: Save as file name “PS3UPDAT.PUP”. Update procedureNotice
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Update procedure

Do not turn off the PS3™ system or remove the storage media or USB device during an update. If an update is cancelled before completion, the system software may become damaged, and the system may require servicing or exchange.
During an update, the power button on the system front and PS button of the controller are inactive.
Insert the storage media or USB device that contains the update data in the PS3™ system.
From the home menu, select (Settings) > (System Update), and then press the button.

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Select [Update via Storage Media], and then press the button.

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The system automatically searches for and finds the update data saved on the storage media or USB device.
Start the update.
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Press the button to start the update. Follow the on-screen instructions to complete the update.
Confirm that the update was successful. After the update has been completed, go to (Settings) > (System Settings) > [System Information].
If the [System Software] field displays the version number of the update, the update was successful.
Hint
You can delete the update data from the storage media or USB device after the update has been successfully completed
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thank if this helped you!

Where did you get this information?

look at the end of the post

you can't downgrade by getting an older patch...

you can if you Update via Storage Media

Of course ,the ps3 check the version of fw first .
If your fw on your usb key is > of the ps3 fw ,you 'll have this message : Your ps3 is update

I've tried it a while back and I can tell you it will say your PS3 is up to date.

Never worked dude said, 'No applicable update was found' ?

no didnt work as the guy above said No applicable update was found'

Don't you think if this worked then there would be some from of expolit from editing one of the lower firmwares?