Again this is not for the PSP but it a PSP emulator, now what makes this stand apart, is that it is open source but it is also multi platform, and by multi platform i mean almost anything out there can run from apple devices to android (yes phones can run it as well) to Windows, to Linux.
There is one slight drawback though it is still in early development and only plays a certain amount of games not full fledged (PPSSPP Compatibility List) but homebrew and certain low end graphical games, however, this does show promise. Read more about this in the quote below.
To quote: PPSSPP is an open source project, licensed under the GPL 2.0. Anyone is welcome to contribute their improvements to the code, and the hope is that over time this will resolve the compatibility problem.