Originally Posted by e3NiNe
The PSP runs off of system software called a "Bios". The 1st PSP's all had "Bios'" that are easily hackable. This would allow you to run SNES emulators, port movies, and run PSP games off of the memory stick.
Cons, no internet out of the box. You can upgrade the bios for free ... but you lose the ability to run all the cool hacks.
The newer systems allow internet connectivity instantly. It's on the main menu.
Now you can run all of your new stuff on your v1.5 PSP, you can trick the PSP into thinking it has the firmware v2.5 (DevHook v0.41). I just did it with mine to watch the Bouncy Virtual Lap dance [which require updated firmware] (sucks.. don't buy it guys).