Gamasutra is reporting that Sony reps have confirmed the next PS1 titles that will be hitting the PlayStation Store. If racing fans didn't like the last offering, then this one should really excite them since the update will include both Wipeout and Jet Moto. Sony didn't give a firm release for the titles, but I'm betting by the end of next week or the start of the following week these games will be playable on your PSP.
For those who are unsure of how to get these PS1 games on your PSP, right now the only method is to own a PS3 and buy them off the PlayStation Store. Sony has said eventually there will be another solution in place for PSP owners, but when people like myself are insane enough to buy a PS3 just for this functionality, they may take their time unlocking the feature.
[Update 1: Changed the incorrect PSP to PS3]