To quote r04drunner:
Now you can upgrade the Red Ribbon installation from the online official repository. You donít need to reinstall the distribution again with every new CD published.
This update is only for the RC 4 or lower, It will be included on the next release of the LiveCD. The changes are detailed at the project wiki, on Change Log section.
You need connect the PS3 to internet, open a lxterminal and download the file:
Then, you can execute it:
sudo sh online-update-2011-07-05.sh
And wait until finished.
If while executing it asks:
You are running a kernel (version 2.6.38-powerpc64) and attempting to remove the same version. This is a potentially disastrous action. Not only will /boot/vmlinuz-2.6.38-powerpc64 be removed, making it impossible to boot it, (you will have to take action to change your boot loader to boot a new kernel), it will also remove all modules under the directory /lib/modules/2.6.38-powerpc64. Just having a copy of the kernel image is not enough, you will have to replace the modules too.
I repeat, this is very dangerous. If at all in doubt, answer Yes. If you know exactly what you are doing, and are prepared to hose your system, then answer No.
Do you want to abort removal now?
You must answer NO.
Source: Red Ribbon Online Repository available ę SourceForge.net: User r04drunner