SQL & PL/SQL

Hi all... I'm trying to write a bulk fetch for a cursor whihc selects a number of different columns from a table.
To best explain I'll paste some code here:

Cursor:

CURSOR cur1 IS
SELECT id, code, value
FROM   table1
WHERE  code in ('CODE1', 'CODE2', 'CODE3');

There are also about 7 other columns on this table which are not selected.

Within the BEGIN segment of the code I have the following:

OPEN cur1;
LOOP
  FETCH cur1 INTO l_id, l_code, l_value;
  EXIT WHEN cur1%NOTFOUND;
  v_sql_stmt := 'UPDATE table2 SET '||l_code||' = '||l_value||' WHERE  id = '||l_id||'';
  EXECUTE IMMEDIATE v_sql_stmt;
  v_count := (v_count + 1);
  IF v_count = 10000
  THEN
    COMMIT;
    v_count := 0;
  END IF;
END LOOP;
COMMIT;
CLOSE cur1;

I'm commiting every 10,000 rows due to rollback issues as there are around a total of 650,000,000 rows to be inserted when this script will run on our production database.

Now this is obviously taking a very long time and to try and speed things up a bit I would like to make this a BULK fetch of the cursor.
I've read a lot about how to do this but I can't seem to find a definitive syntax that will work for me.

Do I need to create three different tables to hold the fetched data? Do I need to use a LIMIT clause after the BULK COLLECT INTO for 10000 if I would like to commit here? Where does the EXIT WHEN clause go?

Thanks for any help on this... I'm so confused!

fakelvis