Playstation How do i jailbreak my PS3?

i'm getting into jail-breaking things. but i want to jailbreak an old PS3 that i had lying around the house.
if i actually did jailbreak my PS3, what would i be able to do?

any help would be appreciated.
thanks

spend tons of in game money just to do anything with the updates

You can take a look here: https://darkumbra.net They have a pretty extensive modding scene. ^ ^

There's currently an exploit on the 4.82 OFW but it depends on your PS3 model you have. I've jailbroken mine a couple months ago, I was lucky enough to have a PS3 model that supported the exploit and so I installed CFW. I believe I have CFW REBUG 4.82.

Here's a video that I followed when I was jailbreaking my PS3.