My system software is 3.93, I have no memory stick. Question..

What do I need to do to play emulators, on my PSP?

You need 3 things;

1) A Memory Stick Pro Duo (must be 'Pro Duo' not just Duo, and less than 4Gb)

2) A Original PSP Battery. It has to be for the Phat PSP, and one that is relatively old because Sony fixed the battery vulnerability exploit at some point.

3) An already CFWed or 1.50 PSP.

Once you get those things the process is pretty painless and quite safe- I'll link you up the files you need at that point.

PS: You can get by without 3), but it'd be a lot more of a risk on your part.

Why does the memory stick need to be less than 4GB?

What is the risk on my part for 3)?

Less than 4Gb? Dunno. It said so in the readme.

You need a modded PSP to generate the files on the Memory Stick. You can download a rip of these files from the net, but there'd be no guarantee they'd be the exact same size and written the same way as if you did on a PSP yourself. Greater chance of errors down the track.

Also I can't link you to a rip of those files.

So the errors that you speak of can possibly brick my PSP?

Uhhuh. However if you do it all correctly you can use that Battery and Memory Stick to fix bricked PSPs after you've made those 2 things.