Most people would tell you to search on this as its probably documented in many places. However, I sometimes find that its too time comsuming to root out the valid info from it all, and since I'm new here I don't mind answering:
I believe you can update to 2.71 by using the official updater (available on psphacks) and then use the easy downgrader from 2.71 -> 1.5 which I think uses a photo buffer overflow.
From 1.5 you can go wherever you want.
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