The psp can run ripped games off the memory stick. The first method of running ripped games involved run a program called UMD emulator (There were others like Fastloader and Run UMD) which basically tricked the psp into loading the game from the memory stick instead of the umd drive.
UMD emulator is its self an unsigned EBOOT so it can only run on firmware 1.5 since firmware 1.5 didnt have any security preventing homebrew.
UMD emulator and other virtual umd drive software for the psp is considered obsolete. Dark_Alex's Custom Firmware and Booster's Devhook allow you to run PSP games that have been ripped to run off the memory stick that require newer firmware revisions.


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