if you have a version 1.50 psp you can update it to firmware 3.52 m33 it allows you to play ps1 games i had one with 1.50 but i did a stupid mistake i updated it but i didn't know there was a certain thing called custom firmware now i have version but 3.71 but theres still hope for us i heared sonys making a offical emulator and games sold for 15$ on they site !
it not sure yet