Shine has released a newer version of his Lua Player for the PSP, Lua can be used for those with basic coding skills to make Demos, Games and maybe more for the PSP.

Download the latest version here --> http://psp-news.dcemu.co.uk/luaplayer.shtml

For more detailed discussion, aim your questions towards this PS2dev forum topic --> http://forums.ps2dev.org/viewtopic.php?t=2682&start=30