[youtube=http://www.youtube.com/watch?v=Qn2Z8bYr3tE]

PSP firmware 5.03 has been hacked by Team Typhoon. This allows you to run custom code on the PSP by taking advantage of the tiff exploit. You’ll have to wait to download the hack though, they haven’t released it yet. This means those of you still on 5.02 or still using the little blue tool will be able to upgrade soon.