I found info on how to do it while browsing http://forums.maxconsole.net. Thanks though!
I'm actually psyched for when my friend will get a PSP of his own, so I can get my PSP back and we can get some nice multiplayer fun. There are quite a lot of nice games for it now worth playing, and the PS1 emulation is just icing on the cake.
He bought Portable Ops too, so I'm going to have to too (besides, if it sells well we're supposed to get another PSP MGS) - I've been hearing nothing but good things about that game.