Instructions
One Cable
Turn on your television and switch to the Input channel that your PlayStation is currently set to display on.
Connect your PlayStation to your television with your new HDMI cable. Your PS3 should now be connected to your television via two wires and ports.
Start up your PS3. The CrossMedia Bar will load up. The second option on the left is a small Toolbox that represents the Settings menu.
Select "Settings" and scroll down to the square icon marked "Display Settings". You will be presented with four options: HDMI, Component, Composite and AV MULTI. Select the option for HDMI. The PS3 may display a warning about changing the output. Press "X" and the screen should go blank.
Switch to the HDMI Input channel. There should be a timer counting down from 30. If you do not see this screen, turn back to the previous channel and the PlayStation will switch back after the 30 second countdown is over. Check your cables and try again. If you do see this timer hit X to select this new setting as default. You will be prompted to configure the Resolution and Audio. Select Auto for both and the PlayStation will choose the optimal settings for you.
Unplug the AV2 cable, as your PS3 is now connected via the HDMI cable.