Here's an step by step translation:
He begins thanking his friends and family.
He downloaded Devil May Cry and just unpacked it, so he shows the files in Devil May Cry, maybe ISO (he calls it a DVD-Rip).
Then he opens the software used to generate de key file and the PKG. The software generates the key file and "merge" it with the ISO to create the PKG. The key takes 15 seconds to be generated (he shows it, numbers). Then he shows a file with a big name (lots-of-numbers.pkg), don't know what file is this, he doesn't makes that clear.
He uses ProxyServer to transfer the file to the PS3. He shows it, and also shows there's no game whatsoever in his PS3 (demo or disc). He shows the router, the cable and his external harddrive receiving the file.
He says he must pause the video until the transfer is complete, or else the video would be huge and youtube would not accept it, but he will show everything again.
When transfer is at 98% he returns, and shows again there's no disc in the Ps3. He puts a disc just to show how it's done (Virtua Fighter) and then, he removes it.
He shows there's no other PS3 around.
By the very end of the movie, Devil May Cry screen apeers, then, on the second video, Devil May Cry strats loading and he installs it, just normally. He pauses it again and returns when 10% is complete to show again theres no other Ps3 around. He shows the HDMI cable and unplugs it to show there's really one PS3 and the external HardDrive is going crazy installing the game. He also notes there's no DMC to buy on the PS Store.
He talks to the dog! =P
He pauses the video again so the video doesn't becomes huge. He returns when the game installation is complete. He shows the autosave warning, then the creation of the network data. And the game finally running, just like it was supposed. Impressive.
He shows again there's no PS3 around and there's no disc on his Ps3. He removes the HDMI cable again to show the Tv has no signal. He notes that his external HD is on. He puts the cable again. He shows the DMC intro screen. He press start and configures the game to play (automatic, difficult, etc).
He says the video is going to be longer because he really wants to show to some as*holes and non-belivers that a brazilian can do something for his friends.
He starts a mission and start playing, describing what he's doing.
He states the important thing is not the game, but show he method is true.
He says: "It's more then proved that i cracked the PS3 without any firmware ou hardware mods"
He thanks, says that some as*holes wants their names on the video and says bye.
I almost forgot, somewhere in the video, he says the method transforms a full game into a demo, fooling the PS3.
