So from what I'm hearing I need the 3.55 update to install a CFW. But the one I have here is 3.72. If I can (which I'm pretty sure you can) downgrade how do I do it? It's a fat 3 (or 4) year old PS3. So how should I do this or does it even need to be?
You can use a flasher (mod-chip) such as the E3 flasher or Progskeet to downgrade your PS3. But the procedure is very hard and some require your to solder it to your PS3. If you want more information on something just ask and me (or someone else) will supply you with the knowledge you want.