Yes, its time to do the 5.00 M33-3 update now. Its plain simple. Just unpack it to the root of your memory stick and patch and reboot. Tada, its now 5.00 M33-3.
BTW, you need 5.00 M33 in hte first place to perform this update.
Download 5.00 M33-3 here:
PSP 5.00 M33-3