From the PSNinja v3 ReadMe file, to quote:
This make you appear offline using mecomment, wipes history, pushes fake history, and clears web history. It is stealthed as Mobile Suit Gundam BLUS30017, if you play this game you suck... Its the second worst game on ps3.
Make selection press X
Wipe History- Deletes history files
Replace History- Replaces History with fake history files found in - dev_hdd0/game/BLUS30017/USRDIR/files
Make History Files read Only- Makes you history files read only, games and homebrew ran will no longer be added to files.
Make History Writable- Make history files writable again
Clear Browser History- Deletes history.xml from webbrowser
Hide From Friends- Makes you appear offline even though you are online.