[quote name='utopianmachine']So I have a champagne gold PSP (The Golden PSP!), and while UMDs seem like a complete waste of money to me, there's this one movie I want to borrow from a friend. Is there no software out there or anything that will let me watch Region 1 UMDs?[/quote]
While some claim that you can do this on custom firmware, I own two psps both with custom firmware (white and blue), and I have never been able to get a region 1 UMD to play on them. Others claim to have success doing the opposite (European/Japanese UMDs on a U.S. psp).
I guess you can try it, especially since there's really no better choice than being on custom firmware, and especially since you won't be buying the movie. However, I wouldn't get my hopes up.