INTRODUCTION
Before explaining the steps I want to be clear, the idea behind jailbreaking a PSP is not only to run games backups (by the way, you must own the original UMDs), but to be able to run many independent applications known as homebrews developed for this console.

Some examples of what you can have by jailbreaking your PSP are applications that lets you read pdf files, watch YouTube videos and similar sites , use cheaters (to cheat on games), listen to mp3s while playing games, redirect the video output to a PC monitor through a USB connection, run third-party games, improve the memory sticks reading a writing times, and extend other functions by using plugins.

Now that we are more than convinced, lets see how to jailbreak a PSP.

WARNING
This method only works on PSP1000 and PSP2000 (not TA-88v3 motherboards). Do not try on PSP2000 with TA-88v3 motherboard, PSP3000 or PSPGo! because you can get a brick (an unusable PSP)!

With this procedure you need a magic memory stick (MS for shorts) and a pandora battery, both made from a previously hacked PSP.

REQUIREMENTS
So, youll need:

1. PSP previously hacked
2. Original PSP battery by Sony (fat or slim)
3. MS greater than or equal to 256 MB (Sony or Sandisk original are better)
4. PSP with official firmware (it must be hackable)
5. Battery charged at least 78%

Making the Pandora battery
The purpose of making a pandora battery is to avoid the PSPs normal boot sequence, to make the PSP be in service mode by reading special files on the memory stick. By analogy, its like when we have a cd in the PC and it starts not from the hard drive but from a CD.

There are two ways of making a pandora battery: one way is by hardware, so you have to open the battery and cut a pin. The other way is by software, this is, the eeprom is modified to send a special sequence to the PSP to make it put in service mode. You will use the software method.

Ive tested several programs to make the pandora battery, among are UltraPandora Installer 4, Hellcats Recovery Flasher, and OS Pandora Battery Tool. I suggest to use the latter. So, you have to download Open Pandora Battery Tool 0.52 and unzip it. It will make a directory named ospbt_052. You have to copy that folder on the MS, into /PSP/GAME folder, so you will have the following directory: /PSP/GAME/ospbt_052. If you go to the PSPs game menu and run the application, it will show up a menu like the one shown in the following picture:

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I recommend to backup the eeprom before converting the battery to pandora just in case, but Ive never had any issues with the process of making the pandora battery. Once youve backuped the eeprom, convert the battery to pandora by selecting Convert to service mode (aka: pandoras batery) option.
Making the magic MS

In order to make a magic MS you have to download a program called Despertar del Cementerio 8 (DC8 from now on) by Dark-Alex, and the Sonys official firmware 5.00.PBP as well. Copy the 5.00.PBP file in the root of the MS to have this: /5.00.PBP. Then, unzip DC8 and copy it into a folder DC8 in the /PSP/GAME of your MS.

Now, run the application by pressing the (X) button, as shown in the following picture. Then it will begin to install all the needed files:


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When it finished, it will have installed DC8.
How to jailbreak the PSP

Once youve made the pandora battery and the magic MS, you have to do the following in the exact order:

1. Insert the MS in the unhacked PSP
2. Put the pandora battery in the PSP.

When you put the pandora battery, youll see how the PSP turn on by itself and how it reads the files on the MS (you can check it out with the MS usage led). If the PSP is hackable, at this point the custom firmware installation screen will show up as show here:

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In order to jailbreak the PSP you have to select the Install 5.00 M33 option and wait a couple of minutes while the firmware is updated.