Reports coming out of the hospital indicate that there has been a slight improvement in the condition of Rav Ovadia Yosef, though he still remains in critical condition. One can pray for Rav Ovadia's improved health - his name being Chaim Ovadia Yosef ben Georgia (the Chaim was recently added to his name).

Besides for prayer, some other methods have been initiated to do for the merit of Rav Ovadia. For your consideration:

1.
A year and a half ago, when Rav Elyashiv fell ill, someone donated a year of his life to Rav Elyashiv. We have no way of knowing if it helped or not, but Rav Elyashiv did not live for a full year after that donation (he only lived an additional 5 months or so). Maybe it is pro-rated, and a year of an average fellow's life is maybe not worth the same number of days as a year of Rav Elyashiv's life... Another idea, as a follow-up to the original, for those unwilling to part with a full year was to just donate 2 minutes. Whether it works or not, his sentiment is admirable.

That same fellow has now donated a year of his life to Rav Ovadia. He also calls on other people to donate 2 minutes each. He says that Rav Ovadia supported his initiative to donate a year to Rav Elyashiv,and he says hundreds of people have already donated from their lives for Rav Ovadia.

Again, it raises the question how long can a person possibly live on donated time. Can he get past the supposed limit of 120 years if enough people donate?

Aharon, the donor, says that the way he made his donation is by saying during davening: Ribono shel Olam, I [state your name ben mothers name] donate a year of my life for the merit and recovery of Rabbi Chaim Ovadia Yosef ben Georgia. It is as simple as that.
(source: Ynet)

2.
The next option is to break your iPhone for the merit of Rav Ovadia. And if you do not have one to break, go buy one and then break it. Or maybe break someone else's iPhone. So, far, supposedly, tens of thousands of iPhones have been destroyed for the merit of Rav Ovadia.

I wonder if they destroyed iPhones in current use or had already upgraded to newer versions and destroyed their old and unused iPhones... I also wonder how much health each iPhone is worth. With each additional iPhone destroyed, how much better does Rav Ovadia get? Maybe this is a very efficient method, or maybe it is not efficient at all.

Shas leaders actually do not know who is behind this campaign and reportedly have criticized it for its cynicism and its abuse of the situation for ulterior motives - on behalf of the anti-iPhone campaign.
(source: Mako News, NRG)

3.
one can always turn to prayer and learning Torah for the merit of Rav Ovadia. It might be old-fashioned, but this method has survived the tests of time.

I recommend method #3...