Frustrated PLEASE help!

I'm a noob to this. I'm a full time professional Tattooer/Piercer. In the past i used to be able to soft-mod the wii, the psp, nintendo Ds...etc. However with my career i lost time needed to follow the scene. I just ordered and recieved (Today) my PS3 Key Modchip via PS3breakstore. Now I have NO idea what to do next??? I checked and I currently have FW 3.7, if that helps... It does say "Plug and Play" so is it as simple as that? Just DL PS3 game iso's, burn them to my external HDD and as long as the usb modchip is plugged in it will simply bypass the necessary restrictions and just play the burned game??? I had an Xecuter installed in my 360 2 years ago and all I needed to do was burn the game ISO to a duel layer disc, insert it into the system and voila!!! Very simple. Somehow i doubt it wall be this easy. I can't seem to be able to find a step by step instruction list for straight-up noobs to this whole ps3 thing.. Can SOMEONE, "Anyone" please help??

I am sorry to be the one to give you the bad news but there is no hack possible after firmware version 3.55. (unless you use soldering and downgrade to 3.55 , google progskeet). Also the ps3key you mentioned is nearly useless now as a custom 3.55 firmware called kmeaw is able to do nearly everything it does.

Aye sorry bud, you've wasted you're money there.

No 'hack' for 3.7 as said ^^^ only way to downgrade is to get in there and solder said progskeet chip to your ps3.

If you were on 3.55 you still wouldn't need the dongle as the CFW is free and readily available and can do everything your particular dongle can do.

Hope you didn't pay a lot for it buddy

Yeah the dongles only work on 3.41 firmware. No idea why they're still getting sold.

There's a downgrade solution coming soon so you can go to 3.55 where you can softmod the console with just a custom firmware update via usb.
The only way to downgrade right now is the progskeet method mentioned above. It's a bit messy since you have to solder many wires onto the PS3's motherboard.
but there's hope of easier methods to come.

The E3 team are releasing a solderless downgrader at the end of the month.
It's probably gonna be expensive though at around $100.

There's the chance someone will clone it or make a free version of it.

but yeah, there's hope.
Just don't update past 3.70 without checking here first.