1. As long as your psp is not TA-082 it can be downgraded. You can download emulators and homebrew on fw 1.50
2. If you use the easy downgrader it is very simple
3. It is very easy once you know the basics.
Read some of this also http://www.psp-hacks.com/forums/about39858.html
If you want me to go into detail, just ask.
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