Hey guys,
you can now finally play the new games on your PSP.
For this to work, you need:
1)PSP 1000/2000/3000 (Yes that's right, even 3000s)
2)USB Cable
3)Original untouched ISO of the game
4)Ability to read and just a little and mean very little common sense.
So let's get started:
1)Download-
UMDGEN 4 -
http://www.megaupload.com/?d=F7Y7RNMF
Game Decryptor -
http://www.megaupload.com/?d=JQFUIF8V
Why games didn't work before?
From firmware 5.55 and onwards, Sony decided to up their game against PSP piracy and finally increased its security. UMD's have eboot files contained in them, and from 5.55+, the eboots used a new form of encryption method which lower firmwares couldn't read.
Hence the only way to play these new games was by releasing a new firmware OR by decrypting the eboot file itself. Its the latter that you'll be doing. I'm pretty sure from now on, you'll see the games prepatched, but for the current games which you already have downloaded but can't run, you should just use this instead of downloading it again.
If you haven't downloaded the files yet, I suggest you do as the process is very simple, and you can just do it at one go.
2)After you have extracted both
UMDGEN and Game Decryptor(GD), copy the GD folder to
X:\PSP\GAME. (X being you PSP drive letter)
3)Run UMDGEN and open the ISO file.

4)The UMD will now be opened and you can see its contents on the right pane.

5)Then browse to PSP_GAME\SYSDIR and right click and select 'Extract Selected' on the
EBOOT.BIN file

6)Save the EBOOT file somewhere in the PC and then copy it to the
root of the PSP's memory stick. Don't close UMDGEN yet.
7)Disconnect the PSP and run GD.
8)You'll see some info, press
O to continue. Wait for it to be decrypted and patched. The app to shutdown by itself.
9)Connect the PSP again, you will now see a new folder in the root named 'DECRYPTOR' and inside it you'll have the
decrypted EBOOT file. The one on the root is the original one, you can delete it now.
10)Remember I asked you not to close UMDGEN, well, now just
drag and drop the decrypted EBOOT from the 'DECRYPTOR' on the right pane of UMDGEN. The files will be overwritten.
11)Now click 'Save' on UMDGEN and give a name to the new ISO.

12)Copy that new ISO to the PSP and enjoy the game.
The new ISO will run on firmwares 5.00m33 and above.
Note: If you press X instead in GD, then the game will only work on 5.50GEN-B