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I just got a pre-modded PSP off a friend but I know very little about PSP modding. It has FW 4.01 M33, a GBA emulator, and Megaman X6 on it. Both are in EBOOT.PBP What can/can't I do on it? What do I need to get it to run the most recent games/homebrew apps? Also I do not have a Pandora Battery. All help is appreciated.
Boy has it been awhile since I have done anything with my psp. Um a pandora battery is good to have incase you were to brick the psp. What a pandora battery does is make the psp enter recovery mode so that you can reinstall a certain firmware along with all the flash files needed in order to get the psp up and running again. Those files would be placed on the magic stick. Basically you can do whatever you want once its modded. You have a good firmware (not sure what I have). You can play backup umd's which would be loaded from your memory stick. All your emulators and homebrew will also be on the memory stick as well.
Ok thanks:D. Is it possible to downgrade without Pandora Battery? If so, what FW would you reccomend for emulators and newer games?
There's quite a bit that's new to the PSP hacking scene. I just recently modded mine for the first time because, like you, I don't have a Pandora battery. It's possible to softmod them now, and so far mine is working great. But it does depend on which model you have. If yours is the original "Phat" PSP 1000 model then you'll be able to do whatever you want to it. Newer revisions including some newer 2000's have different methods and some have limitations depending on what firmware they have installed.
A good starting point, and a place I found quite a bit of info from, is Here.
That website is a little scattered and you'll have to do some digging around, but all the info you'll need is there. I'm currently on CFW 5.50 GEN-D2, which I believe is the latest custom firmware. I haven't run into any problems with games so far, but there are some homebrew apps that won't run on newer firmware. From what I understand, you need the 5.0 M33 firmware for those particular apps so maybe you'll have better luck in that regard. Cheers.