As far as I know, the PS1 routines are hijacked to run unlicensed code, such as .elf file extensions. This hijacking occurs within the PS1's hardware domain. So, you can't run the PS1's emulation within the PS1's hardware. That said, the PS1 emulation on the PSP is done by changing a PS1's iso format into an executable "eboot" file. So, it makes sense to me that the same could be done on a PS2. Someone would have to come up with a way to convert a PS1 game iso into an .elf file that could be run on the PS2's hardware. I'm pretty sure the PS2's specs outweigh the PSP's so it should work well. Bear in mind that I know nothing about coding or hacking, so I may be wrong. Just a thought.
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