Yes, and it is very easy. I am sure if you searched you would have found you answer because I alone have answered this question about half a dozen times.
First download CFW 5.00 M33-6 and the original 5.00 Sony firmware. Both can be found on this page:
Custom Firmware 5.00 M33-6 Released, PSP Hacks - PSP Slim Hacks
Once you have them download you will need to extract the content with a program such as winzip or Jzip.
To update simply connect your psp to your PC buy USB and go to the directory, ms0:/PSP/GAME/UPDATE and place both files there. Then get on your PSP and update from there as if you were to update on original firmware (go to the game memory stick category and look for it there if you don't know what I mean). I tried to explain that as clear as I could, but if you have problem just post up