The code powering the PS3's first modchip is now officially out there, meaning anyone with an internet connection and a USB micro-controller can get under their PS3's skin. The PSGroove, a new jailbreak solution engineered from the same code that powers the first modchip, is touted as an 'open source' PS3 exploit, meaning it's not out for profit, not being sold by anyone and doesn't have a company name behind it to pin a lawsuit on. As of right now, the standard PSGroove code doesn't let you play backups of your games. But now that it's out there in the hands of hackers, that feature will be with us soon, if it isn't already.

Note: With the release of PSGroove opensource PS JailBreak exploit for PS3, many are having trouble sourcing the required Teensy++, AT90USBKEY2 or AT90USB162 boards. That said, today PS3JailBreak.com has shared schematics for the Teensy so that users can build their own if they wish [via ggmania].