Team Cobra is back with another update to the Cobra USB Firmware bringing it to version 5.0.A  If you are utilizing the cobra dongle you can now run PS3 games from a PC.A  Version 5.0 also supports files such as PSX/ cue/bin Blu-Ray/DVD ISO's and they not that additional formats will be available in the future.A  Wirelessly connecting is an option but Cobra reccomends that you use a wired connection for the best results.

"Changelog of Cobra USB Fw 5.0:

• Added support to play isos from a PC using network connection. No more waste of time copying between PC and ps3, play directly from the files on your computer!

Requires to run the supplied ps3netsrv server application (it is inside mmCM 04.01.00 download) on the PC, a version for windows and linux is provided (mac users can use the windows version with wine
Note: when using wine, we recommend to run directly the command line ps3netsrv.exe and not the gui).

Currently the following items can be played from network:

• PS3 isos
• PSX cue+bin or isos
• Blu-Ray isos
• DVD isos

Currently the following items cannot be played from network:

• PS3 games in JB directory format (planned for 5.1 release)
• PSP isos (planned for 5.1 release)
• PS2 isos (planned, but we cannot estimate the version)

Although Cobra doesn't restrict the isos from being loaded through wifi, wifi is too slow for most uses, we recommend to use a wired connection.

• Optimized a bit the read of PS3 isos (15-20% gain in external disk, not noticeable in internal disk)
• Added dynamic firmware version spoofer capabilities. You can set the spoof in mmCM settings. As Sony release new firmwares, the spoofer can be updated by updating mmCm, without need of updating Cobra USB fw. No system files are modified by the version spoofer, all take place in ram."

Source: http://www.cobra-usb.com/index.html