If it is a 1000 or 2000 model (fat and slim respectively) you can use a pandora battery and magic memory stick. As of this moment that would be the only way to do it....if it is a 3000 you are out of luck at the moment. Full featured custom firmware (playable ISO) is not ready yet....
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New version of UPMSv3 - universal PSP Unbricker/Downgrader/Upgrader, also known as Pandora's Ultimate Magic Stick, Now work with DC ver4 (Dark_AleX’s), for installing CFw 3.80M33-5
and creating memory stick into a “Ultimate Magic Stick” for use with
“Pandora’s battery” (jigkick). Works for both PSP, Slim and/or Fat, and
1 stick for all functions for Unbricker/Downgrader tools. Also
available is the “UPMS_v3.pdf Guide” to help you get started and usage.
The Ultimate Pandora’s Magic Stick is the simple solution to easily accomplish any of the following:
Recover any bricked PSP (Fat or Slim) and install sony firmware or CFw M33.
Upgrade Fat-Slims PSP to CFw 3.80M33-5, with 1.50 kernel patch-Fat Only.
Upgrade Fat-Slims PSP to CFw 3.71 M33-2, with 1.50 kernel patch-2 -Fat Only.
Update to 3.71M33-4 are installed to the ‘GAME’ folder from the XMB.
Downgrade Fat PSP to Fw 1.50.
Upgrade Fat PSP straight to CFw 3.52M33 from Extended Boot Menu then install update 3.52 M33-4 from XMB, without need to downgrade to 1.50.
Boot up PSP using Ultimate Loader with support for choosing which Pandora’s you reach V1, V3 or V4.
Boot up PSP to XMB with UPMS inserted-Fat Only.
Boot up to a full FW 1.50 from Memory Stick-Fat Only.
Use PSP Filer and other tools (If it requires 1.50, can’t for Slims).
Note: This software is free, and comes
with no warranty. Despite it has been tested and it has worked, there
is some risk with any PSP operation that involves flashing, so please
try this at your own risk!.
Only Memory Stick "Pro Duo" are compatible.
Memory Stick Duo are not supported. Read more... for installation here.!