PS1 emulator for PSP

Good news for all PSP owners: you can now play any PS1 game using your PSP!

After the release of the official PSP 3.00 firmware it was made possible for PSP owners who also had a PS3 to download a small selection of PS1 games (at a cost of $5.99 each) using their PS3, which could then be transfered to and played on their PSP using the new Playstation Network feature.

What has now been discovered, and exploited by hackers, is that each of the PS1 games had a fully function PS1 emulator bundled with it; now that the emulator has been extracted into a standalone piece of software it is possible to play any PS1 game ISO flawlessly (although problems have been reported with PAL titles).

PSPHacks has more details on how you can update your PSP and convert your old PSX titles to play on it - note: no PS3 required.

Ramblings of a DarkMirage has some more images of the emulator in action and has also put up a YouTube video.