I found the instructions to update the Y510 BIOS from Lenovo to be a bit incomplete/confusing for average users, for example, what to do with the crazy code, how to save it as a .ROM file and to find it on the HDD. So, here is the step by step version to help get this done.
BIOS updates generally expand the functionality/compatability of computer hardware with new softwares, for example, Windows 7, various applications and games. For example, if you are running BIOS version 06CN31WW it should be updated to the most current 06CN33WW for Y510 notebooks. This process will remain the same for future updates to the BIOS for the Y510 notebook line. (If I have missed steps or something could be made more clear please post it below and I will update the instructions)
Please read the linked documents below completely before proceeding! They are short and well worth the time!
4) Let the ��€�燙w€z€嫄帙厁� �\r 篠w錳`sd "門鹉� stuff load completely!!
5) In FireFox select FILE>Save Page As and click "Save" (save it to your desktop)
6) Copy the 06CN33WW.ROM file to a blank USB stick
7) Restart the computer and press F2 key to enter SETUP mode in POST (or Press F4 key to Flash mode in POST if you have already configured 'Removable Devices' in boot order, skip to step 12).
8) Select Boot->Hard Disk Drive->Change USB device to 1st drive
9) Save and exit BIOS by pressing F10
IMPORTANT NOTE: ENSURE THAT BOTH THE BATTERY AND AC ADAPTER IS ON AND PLUGGED IN and ON
IMPORTANT NOTE: While running the flash process it is important to NOT touch or disturb the computer in any manner. For example, DO NOT touch the keyboard, power button, unplug or play with power cords, remove the battery, devices, move or carry the laptop until the process has finished and the OS (windows/linux/ect) is up and running again.