Consult your owner's manual for instructions regarding how to access the "Updating Via Ethernet" functions of your particular player.
Download the upgrade files and save them to the Desktop.
Insert a blank compact disk into the CD-RW drive and copy the upgrade files to a blank CD-R.
If you have been following along with my last few posts (The Family IT Guy and Setting Up MPC) the main goal that I was working towards was to finally set up bitstreaming of HD Audio (DTS-MA and True HD) with my HTPC.
Leading up to the last few months this was only possible by using an expensive sound card (such as the Xonar HDAV1.3) along with dedicated software (such as Power DVD and Total Media Theatre).