W00t! The PS3 - which is locked down tighter than Fort Knox during a Democratic fundraiser - has allegedly been jailbroken.
An Australian retailer known as OzModChips.com posted a number of YouTube clips demonstrating the purported hack which is activated simply by plugging in a $170 (Australian) USB stick into the system.
Once cracked, "PS Jailbreak" allows PS3 owners to run back-up copies of games and pirated titles.
And, best of all, the hack supposedly works with firmware 3.41 on all PlayStation 3 models, including the recently introduced PS3 Slim.
"What's crazy is that hackers have said that these ripped games run two times faster than they do on Blu-ray. Homebrew will also be supported with this PS Jailbreak mod," wrote Destructoid's Dale North.
"What this does is essentially turn a PS3 into a debug unit. It's plug and play and works with the latest firmware. [So], no invasive console hacking! [Sure], Sony is probably sh*tting their pants right now, but I'd calm down if I were them. This could even help system sales!"
However, Wired's Brian X. Chen expressed skepticism over OzMod's claims of an easy PS3 jailbreak.
"We write this with such cautious language because hackers have hailed the PlayStation 3 as a console Everest. Sony baked extremely strong security into the system, and though the PS3 has been hacked by a few tinkerers (including George Hotz, the first person to unlock the iPhone), no tried-and-true mod has emerged," explained Chen.
"[So], until we can get our hands on a one of these USB dongles, color us skeptical. The fact that the 'PS Jailbreak' website doesn't seem to be working right now doesn't give us much confidence."