First of all I would like to start by saying did not make this, all credit goes to the team of Project 64, and the maker of the WIFI controller(David Rudie).
This would be a good Idea. First Install the WIFI Controller(in Readme), then Install Project 64 to be able to have a full speed N64 Emulator(with sound) controlled with you PSP on the Nice and Big Moniter....
Steps...
1)Install WIFI Controller
2)Install Project 64
3)In Project 64, go to Options, then go to Configure Controller Plugin.
4)Under the place Where it says "Game Device:deadzone of 25%" It says none, click it and then click "PPJoy Virtual Joystick 1"
5)Load up a rom
6)then wala, your controlling the N64 emulator from your PSP.
7)Have Fun:D :D