If you thought you were going to have to wait until the PS3 came out to rock Playstation 1 titles on your PSP, you've just been granted a reprieve. Well, kinda. MaxConsole is reporting that a clever hacker named Yoshihiro has just released the first PS1 emulator for your trusty portable console, and that the so-called PSX-P app will run on firmware versions below 2.71, with users of 1.5 and above obviously requiring the eLoader exploit. As a reminder, the only way you can legally use this program is if you already own a Playstation and a number of games, as it requires the SCPH1001.BIN PS1 BIOS file and ripped ISOs of your game discs -- which can be found elsewhere, but we like to keep it legit 'round here. So all is well and good, right? Eh, not really; since PSX-P currently lacks a dynamic decompiler recompiler, games apparently run super-slowly, in the neighborhood of 10fps: i.e. a good proof of concept for the homebrew community, but until Yoshihiro or one of his colleagues manages to achieve a playable frame rate, for now this breakthrough is little more than a frustrating tease.