Nikeboy: Try creating a folder named game150 in <psp's drive letter>:\PSP\ (the same place as your 'game' folder and putting your homebrew games in there.
PATT: First you need to find out if your psp is a TA-82 version of the console.
THIS Image shows you how to check.
Whether or not your unit is a ta-82, it is downgradable.
You will first need to update to 2.71 with
THIS official 2.71 update.
Once you are running 2.71 you need to install Dark Alex's HEN-D (Homebrew ENabler version D) found
HERE. This will allow the downgrader to work.
Once you have done those 2 things you will be ready to use a downgrader.
If your psp
is NOT a TA-82: Use
THIS downgrader.
If your psp
IS a TA-82: Use
THIS downgrader
Both of these downgrader programs require the official firmware 1.5 installer which you can download
HERE.
I STRONGLY recommend you read up on the process and ask any questions you have in a forum with a lot of people who have used these downgraders already before you try to downgrade your psp.
I reccomend the psp-news.dcemu.co.uk or pspupdates.qj.net forums.
Not knowing what you are doing and making a simple mistake can brick your psp. This is not a process you should take lightly, it is not as simple as say installing the latest official sony firmware.