Firmware exploit and playing FREE multiplayer games

I can't seem to find any information or can't make sense of what I can find.

So say you are using the 5.05 exploit, this means you can't upgrade past 5.05 right?
So can this exploit, any exploit allow you to play any of the free games available on PSN?

For instance War Thunder or World Of Tanks.
As these games get regular updates, I presume they will not matter but you need the latest firmware to access the PSN to play these games...

Is it possible? In any way shape or form?