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Download MPH Downgrader and Firmware version you want(e.g 1.50) to the Windows-based computer. Connect the PSP Slim to the computer's USB port using the USB connector. Transfer the two programs to the main folder of the PSP Slim. Disconnect the PSP Slim from the computer's USB hub when the transfer is complete.
Turn on the PSP Slim. Go to the Settings/USB Connection in the Home menu and select the EBOOT.PBP file in the PSP\GAME\UPDATE update folder. Extract the MPH Downgrader zip file to the root folder of the PSP. Click OK using the X button if you are prompted that this will replace some files.
Go to Photo/Memory Stick in the Home menu. Wait as the screen goes black and numbers appear. Wait two minutes and then press and hold the power switch until the PSP Slim turns off. Release the power switch.
Wait as the PSP Slim turns on and reboots. Go to Game/Memory Stick in the Home menu and select PSPS Update version 1.50. Press the X button to start the update.
Wait as the update finishes and presents an error message. Press the O button to restart the PSP.
It means that there is a problem with the flex that controls the select button. I would suggest open it (if you can) and see if it's dirty or folded. If this is a PSP slim then the flex is most likely the problem
the control chip under the button isnt making contact with the plastic button,, easy fix, take the cover off the psp clean the buttons with a pencil eraser and put the cover back on (without screwing it down) check for contact,,,,if it works then screw it back together if it doesnt then pop the cover off and put a small piece of tape on the select button its self to make up for the slack). Hope this helps you out..it worked for me!
funny how you mention the wet at the very end of your message! ;)
sounds like there is water beads sliding around on the electronics inside. i would not start it again until it is completely dry. perhaps put it in the hot water cupboard overnight or something. don't risk it burning out, or worse while it is still moist.