How-To: Hack Your PSP the Easy Way
First, you will need to load ChickHEN onto the PSP’s memory stick, which allows you to run some homebrew apps on a PSP. Open the ChickHEN folder in the archive you just downloaded. You will notice that it contains a file called h.bin, and two folders, called PHAT and SLIM. Copy the h.bin file to the root of your PSP’s memory card.
Now, if you have a “fat” PSP (1000 series) open the PHAT directory, and copy the image called “eggsploit.tiff” onto your memory stick in the directory /PSP/PHOTO/. If you have a “slim” PSP (2000 series), open the SLIM directory and copy the directory inside, called “ChickHEN” to the memory stick in /PSP/PHOTO.
Now you’ll load Hellcat’s Recovery Flasher onto the memory stick. This is what will actually flash the new, custom firmware to our console. Open the archive you downloaded earlier, and navigate to the Hellcat’s Recovery Flasher folder. Inside is another folder called RECOVERY; copy this folder into /PSP/Game/.
Those are all the files you need for the firmware hack, so exit USB mode and disconnect your PSP from your computer. To start up ChickHEN, go to the Photo menu, then select Memory Stick. If you have a SLIM PSP, click on the ChickHEN folder. Otherwise, select the .tiff image you copied over. This corrupted image contains the code which will install ChickHEN on your PSP when you attempt to view it.
If it works, your screen will briefly flash green, then it will reboot. If it doesn’t work, and just crashes your PSP without the green flash, don’t panic. Whether the hack works or not seems to be largely random, so just keep trying until it works. It can require a little bit of patience; we didn’t get the green flash until our eighth try. Once you do get the green flash and reboot, go to Settings->System Settings->System Information and check to confirm that your System Software has been updated to 5.03 ChickHEN R2. If it has, you’re ready to move on.

Next, go to the Games menu, then select Memory Stick, and run Hellcat’s Recovery Flasher. It will warn you that you’re about to mess with the PSP’s internal flash memory. Choose to proceed, then select Install CFW from the menu that loads. Next, choose to reset your settings. Now, Hellcat’s Recovery Flasher will install the 5.0 M33 custom firmware onto your PSP. When it’s done, it will prompt to you press X to shut it down. You’ll have to boot it back up yourself.
And that’s it! You’re now running the M33 custom firmware!
But what can I do with it?
Play Homebrew apps, of course! There’s a vibrant scene of programmers making homebrew apps for the PSP. You can all sorts of homebrew apps online, including games, custom themes, utility apps (like browsers and e-book readers) and more. You can find sizeable repositories of legal homebrew here and here.