*Update*
I found some more information regarding the subject at hand. I guess the only way to do it is to downgrade my firmware first, backup all save files, get a ps3 jailbreak dongle, and then buy a usb keyboard....So I know that now, only thing I am having trouble on finding information is regarding the Pros and Cons, well I find information but it is mixed. Some people are saying you get banned, others say you dont. If someone could provide a clearer answer regarding that, that would be awesome!!!!

That also the question regarding downloading games off of torrents and putting them onto my 1TB external HD and being able to play them on the jailbreaked PS3?
Also another question I forgot to mention, would I still be able to play all of my other games? Like Gran Turismo? and will games released in the future work?
I know these are a lot of questions, and sorry if some of them have been answered before. I swear to god I read throughout the entire forum as best as I could