The short answer is, you don't.
Some pre-Thunderbolt iMacs (the 27-inch ones) could serve as dumb DisplayPort displays ("Target Disk Mode"). That was a nice feature because a lot of modern Macs and PCs can generate DisplayPort output.
With Thunderbolt, the rules changed. A Thunderbolt port can drive a DisplayPort display. But if you want to use the iMac as a dumb display, the device driving it has to be a Thunderbolt device (not just a DisplayPort one).
There might be some adapter you could buy to turn the PS3's output into DisplayPort output. But there is no practical way of retrofitting a PS3 to provide Thunderbolt output. Even on a Mac (or on the PCs where Intel is hoping to introduce it), Thunderbolt is, so far, something that has to be integrated into the motherboard.