NakedFaerie is true in what he answers you, andrewnick, readme is enough clear about that stuff It's like past OE/M33 updates with eboot renaming. (Rename it to 371.pbp and copy it inside of GAME/UPDATE/ with EBOOT.PBP and umodule.prx)
Also, remember that you should *not* update to 3.71ofw, as there is not pandora.. by now. 3.71M33 can't be installed on an 3.71 original by now, as there is no public method of downgrading a Slim.
oh darn, if i would of known about CFW, i would of never updeaded to 3.71, but i made the stupid mistake of upgrading, then when i searched the internet for 3rd party software (homebrew), i found out that i needed a CFW, so i searched the net again, and i found M33, and that's when i found out that i shouldn't of upgeaded. I should of search the net first before upgrading, all well. I'll just wait for the next pandora downgrader/unbricker.