The Not-so-ultimate PSP Hacking Guide-ish thing. Y
Pictures to come someday
Alright, I hate to start off where I have to but.... here it is anyway
I am not responsible for anything that you do to the PSP (you have or will get) and using the custom firmware(s) mentioned in this post could possibly brick your PSP (>5% depending on what firmware you get from a used PSP) Also there are built in features that can allow you to run backup games/emulators, however we (strafeRight and I) don't condone piracy
Starting out:
Lets start out with the basics, for those uninitiated. Buying a PSP can be a interesting proposition. I personally recommend a USED PSP from a reputable dealer (especially if you can look it over and turn it on to check firmware state) Personally I don't recommend Gamestop from my personal work with them, since I wasn't given the oppurtunity to hand pick a copy of Grand Theft Auto: LCS (which I will cover its work with the process later.)
What your looking for is a used system that has everything intact and all the buttons are working properly and not messed up due to abuse (I got a PSP that was in pristine condition.) If you can turn it on, check to find out what firmware version you have. If you find a 1.5 version one then your incredibly lucky, but anywhere from 2.0-2.71 can be “downgraded” (A key part of the process) without GTA:LCS. 2.72-3.03 require the “unpatched” GTA:LCS (which when inserted to the PSP has a update of version 2.0.)
Alright, so you went out and bought your PSP. Now what?
Well you have to go through the process of downgrading your PSP back to 1.5. Why? Because you need to have special Kernel level access to run some of the Homebrew games and stuff.
If you were lucky enough to get a 2.0-2.71 PSP then I have just the reference for you. This guide is from the website PSP Hacking 101, which is IMO the best resource out there for help (and plently of videos to help you)
Check it out:
Too Smart Guys Forums :: View topic - Corruption Free Downgrade **CONFIRMED**
Alright, for those of you who wern't as lucky (I was able to get a 2.71 Firmware system, but ran the 2.82 update for Burnout Dominator) You're gonna need a copy of Grand Theft Auto: LCS that says in the XMB 2.0. (This eliminates Greatest hits versions and ones with the 2.6 update) This will be the trickiest part of the entire process since they are a bit scarce. Check your local game store, or Blockbuster and see if they have it.
The guide for the downgrader for 3.03 is over here:
Too Smart Guys Forums :: View topic - {Any Psp}3.03 Downgrader Guide{BY EMIR}
Alright, so now your back to 1.5 (or if your like Taxi you never upgraded your PSP) now what? Time to upgrade to a custom firmware.
Dark_Alex has created the best Custom firmwares so this guide will go over what to do after installing them. My personal choice is 3.03 OE-C (Open Edition Revision C) because it is the best as of right now. PSP Firmware 3.30 has just been released and he will be coming out with a new one in a few days so I will adjust my guide when the time comes.
Whats so speical about this is that you can do much, much more than the regular PSP can do. You can run many a homebrew game (granted some really really suck.) But the greatest feature of them all is the ability to run your own PS1 games. However since this is a legal grey area, I won't go into too deep into it, but there's a handy video at PSP Hacking 101 which can explain how to do it much better than I could ever do.
Videos | PSP Hacking 101
Now that you've done all that (and hopefully not bricked your PSP) its time to download some Homebrew stuff. Not only does the custom firmwares allow you to play games, it also allows you to download programs to play internet radio, watch youtube videos and even use it as a TV Remote. The one source that I used most of the time to find is the QuickJump PSP download section (it also has some utilites for the PC) Also their PSP News section is second to none.
Downloads:
QJ.NET - QuickJump Home-PSP -
News:
QJ.NET - QuickJump Home - PlayStation Portable News - PSP Updates
So there you have it, the basic outline on how to get your PSP ready to expand its capiblities to much more than was originally programmed. Granted you could possibly brick your PSP, and afaik voids your warranty, but those chances are slim.
Some more general links if you need some more help.
PSP Hacking 101 Videos:
Videos | PSP Hacking 101
PSP Hacking 101 How-To's:
Too Smart Guys Forums :: View Forum - How-To's
Guide to the built in OE Recovery function (saved me before)
Too Smart Guys Forums :: View topic - GUIDE TO USE RECOVERY MODE IN DAX FIRMWARES BY{BOBTENTPEG}
PSP News (DCEmu):
PSP Emulation News PSP Gaming PSP Hardware PSP Homebrew PSP hacking PSP Updates Playstation Portable PSP movies PSP consoles PSP Shop Buy Preoder PSP Here 
