Ced2911 released a PS1 emulator a few days ago (sry for the delay in posting) using the free/legal libxenon for homebrew/JTAG 360s:

Pcsxr-xenon is a sony playstation 1 emulator using libxenon, based on lastest PCSX-Reloaded source code available.

alpha 0.5.1
* missing sound over hdmi

Thanks
* Big thanks to GliGli to mantain libxenon
* Thanks to [c0Z], i'm always asking you something and don't understand
* Thanks to Razkar, Tuxuser, Cancerous to support me all the time
* Thanks to Pcsx-reloaded, pcsx-rearmed, shalma to your gift to the ps1 emulation scene
Official Site: http://libxenon.org/

http://www.xbox-scene.com/xbox1data/...pEdHgqBMQd.php