any psp with firmware 3.xx can play ps1 games, though some games
have bugs. most ps1 games should play on 3.40, latest one. i think
if u rip the games yourself you need 3.40 oea. you can find more
information on playing ps1 games on psp on google. search for terms
like "eboot" "psxpsp" psx" (ps1 is more known as psx on most psp
forums)
if u have the eboot and keys.bin file u can place them in a single
folder, and place the folder in your mspd. PSP > GAME. place the
folder in the GAME folder. if u dunno what im talking about better
go search for more info