Well, I hacked my PSP Slim and installed Custom FirmWare 5.00 M33-4. It really wasn’t hard at all and just about anybody should be able to do it. Here’s what you need to do after you acquire all the needed items:
Step 1: download this: http://pspslimhacks.com/psp-grader-v008/
Step 2: run PSP Grader with your memory stick in your PSP and the PSP hooked up to your computer (BACK UP ANY FILES FIRST IF YOU WANT TO SAVE THEM). Select create Magic Memory Stick (duh!).
Step 3: fully turn off your PSP, unplug your charger if you have one hooked up, and take out your regular battery and install your TOOL battery.
Step 4: hold the Left Bumper Button down and turn on the PSP.
Step 5: select the first option (5.00 M33-4).
Step 6: let the PSP do it’s thing. When it’s finished, shutdown as per the instructions on the PSP, switch batteries back to your normal battery.
Step 7: rock out with your c@#% out! You now have CFW!
Duration : 0:7:35
This is a video of Hulu and YouTube on the Sony PSP. This is done using PlayOn on the Playstation 3 over Remote Play. PlayOn supports videos from Netflix, Hulu, CBS, YouTube, and ESPN.
??????READ THIS FIRST??????
Before you start!!!:
I am making a second part where I will show off the operating system, how you get games, music, video and photos
eDome – http://www.edome.net
http://www.yourpspgames.fyiurl.com
http://rapidshare.com/files/267101713/Pandora___Universal_Downgrader_Easy_Installer.rar
Movies 
Usually people dont make psp hack videos with all the steps, but im here to show you how to do it. This video will show you how to make a magic memory stick and how to make a pandora battery and at the end ill hack my pSp!