The setup is very simple:
1- Convert your PSP games to ISO (not CSO)
2- Create a folder PSPISO (all in uppercase) in the root of your usb drive (FAT32) or the internal HDD (/dev_hdd0/PSPISO)
3- Copy all the isos to that folder (PSPISO)
4- Install one of the Cobra PSP Launchers available in http://store.brewology.com/ahomebrew.php?brewid=247
5- Install webMAN MOD, scan the games, mount the PSP game from XMB and launch it with Cobra PSP Launcher.
If Cobra is not enabled, enable it manually through Rebug Toolbox.
Note: The compatibility of PSP games is very low (near 54%). Some PSP games need to be tweaked to get them working.
Speaking of this. What ever happened to those custom psp launchers @atreyu187 was working on?
I remember him talking about making Ultimate Ghosts n Goblins run at correct speed somewhere on here...