Homebrew developer USpeed has created a new plugin that lets you to create and manage multiple profiles within your device

How does it work ?
USpeed Profile Manager will switch between all folders "SAVEDATA_" in order to activate current profile on "SAVEDATA" folder.
The plugin can manage up to 20 different profiles (folders "SAVEDATA_")
Current profile is on "SAVEDATA" folder to work with standard.
A savegame in folder "USPM20110315" will allow to customize your name, icon and colors

Copy "profileManager.prx" in "PSP/sepugins" of your Memory Stick
Edit file "PSP/seplugins/vsh.txt" and/or "PSP/seplugins/game.txt to add the line "ms0:/seplugins/profileManager.prx 1"
Reboot your PSP.

Source- qj