1: Check to see if your Xperia Play is on firmware 4.0.2.A.0.42. If it isn’t, try updating it from Sony’s PC Companion software.
Note that you cannot try out this beta unless you are on the aforementioned firmware.
Step 2: Unlock your Xperia Plays’ bootloader by following instructions from the official website. [Link]
Step 3: Download ICS Beta for Xperia Play [Official Webpage] after carefully reading the terms and conditions.
Step 4: Place the downloaded file in your fastboot directory on your computer and extract the contents of the .zip file using a suitable software (we recommend 7-zip). Fastboot directory will be under the Android SDK directory.
Step 5: Using fastboot, enter the following commands:
fastboot flash boot ..\Fastboot\Xperia_PLAY_ICS_beta\boot.img
fastboot flash userdata ..\Fastboot\Xperia_PLAY_ICS_beta\userdata.img
fastboot flash system ..\Fastboot\Xperia_PLAY_ICS_beta\system.img
Be sure to replace the bolded text with correct path to each file!
Step 6: After flashing is complete, reboot your Xperia Play.