[quote name='Merboy007']So are there any kind souls out there that are willing to assist me with my requests???[/quote]
well, i'll try (this is my interpretation of it, as simple as possible)
There a two types of firmware: Official Sony and Custom/Hacked.
In order to run homebrew, the PSP must be at Sony Official 1.50 firmware.
Let's say you have Official Sony 2.71, (the latest is 3.50) You will have to downgrade to Official Sony 1.50. From there, you can either stay with Official Sony 1.50 or upgrade to a custom firmware.
If you stick with 1.50, you will be able to run emulators, but a drawback to sticking with 1.50 is that some later UMD games like Tekken DR and Megaman MH:X won't run because they require firmware updates. So for that you will need Devhook.
But if you upgrade to a custom firmware like Dark Alex's 3.30 OE-A rev. 2
Then you can run emulators without having to Kxploit them, run PSP games without having to install Popsloader, run current UMD's without having to install Devhook, and also be able to play UMD ISO's (backups/pirated games)

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