I got good news and bad news. The best thing you can do is download the patch on your PC. Take a USB stick and format that as FAT32. Created a directory called PS3 and then a directory in there called UPDATE. Throw the downloaded patch in that directory which will now allow you to update teh PS3 without downloading the file from the internet. Thats the good news.
On the bad side, you have to take the drive out of your PS3 and format it on a computer so that the PS3 no longer recognizes it as a valid drive for it. Once that is done then you just pop it back into your PS3 along with teh USB stick in the port and follow the on-screen instructions. That will fix your console up and proceed through the update without issues.
I have had three of those type of systems come through my door in the past week. I charge $30 to get it out of the loop doing exactly as I just described.
Good luck!