It's cracked. Sony's protection of its PSOne Emulator for the PSP has been busted open by hackers. While the emulator requires you to download games to the PS3 and then to your PSP, new customized firmware and a small converting tool (popstation) make it possible to play any PSX (PlayStation 1) game on the PSP at full speed using the official emulator. Currently, PAL titles might be glitchy, but they're working on a fix-it. Don't you just love PSP hackers?
PSOne Emulator Cracked [PSP News, Thanks wraggy!]
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