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Sony’s PSP is a fine piece of hardware but, it has only scratched the surface of what the device can do. Hackers have opened up the PSP’s capabilities, allowing it to do far more than Sony ever envisioned.............
Step 1: The Basics
What is PSP “hacking”?
This "hacking" is nothing but removing sony's lame and idioyic firmware and putting "custom" firmware which is much much more powerful
What will I need for hacking my PSP?
You’ll need the following:
A PSP, either original (”fat”) or updated (”Slim”some slims are not fully hackable there are some ways. but most 2000's work but be sure). If you’re unsure which yours is, you have a “fat” if your UMD drive has an “eject” slider that snaps the drive open. You have a “slim” if you have a notch where you pry the UMD door open with your thumbnail (no mechanical door opener).
A spare memory card (512MB is fine)
A Pandora battery
A Magic Memory Stick