When downloaded make a folder called 'UPDATE' all in Caps Lock and paste both EBOOT.PBP and 500.PBP into it.
Then do the following pasting this UPDATE folder on STep 3:
Instructions on how to use it on your PSP:
1) DOwnload it
2) Connect your PSP to the computer with a USB cable.
3) Go do PSP->GAME and paste in that folder the UPDATE folder you've just downloaded.
4) Turn on your psp and look in the game folder. There should be a file there and the picture looks like this:
'a blended network update logo with 5.00 M33 in the bottom left corner. The box is gray.'
5) Press start when highlighted, go through the series of pages and viola...
a modded psp that is compatible with all downloaded games.