It depends on which motherboard version your PSP has. If it has a compatible motherboard, you are able to downgrade and install custom firmware. You will, however, need someone with a psp already running custom firmware to create what is called a "Pandora's Battery". A guide on how to do this can be found here: http://forums.psp-hacks.com/f133/the-hack-your-psp-mega-thread-t227349/#post1084294
I hope this helped!
-Risonhighmer
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