Those keen on collecting handheld emulators for the PC may be glad to know that homebrew developer Soywiz is working on a PSP emulator, and has in fact released a Proof of Concept for the emulator. Soywiz built the PSP emulator for the PC using a debugger, with D programming language and DFL library.

For now, the emulator can run only a few instructions, but that's a start, yes? If you're interested in keeping tabs on the development of this program, then better prepare a sandwich since the changelog is a pretty long read:

2008/03/01:

- Partial (and buggy) lighting support.
- Some cleanups.
- Starting gui for breakpoints and gpu (not working yet).
- Corrected callstack.
- Some fixes; more homebrew demos supported.
- Temporally skinning broken.
- Temporally shaders disabled.
- Updated binaries.
- Reduced size of the font used in dissasembler and memory viewer.
- Allowing reduce dissasembler window size; now imports won't overlap).
- Initial support of opening files (not working fine yet).
- Threading support currently disabled (I have to fix some issues).
- mstick and reflection demos not supported yet

2008/02/24:

- Buggy skinning support.
- Implemented guLogic

2008/02/23:

- Now using shaders (opengl >= 2.0).
- Very fast clut.
- Now I will be able to emulate sprite behaviour (sprite.pbp) with vertex shaders.
- And probably hardware morphing and skining.

2008/02/22:

- cleanups
- clut support
- y-axis correction.

2008/02/21:

- more 3d support and more fpu instructions supported
- texture mapping

2008/02/20:

- Now can run a lot of integer instruction and some of the FP ones.
- Also emulates a little of the GPU with new opengl support and support more library imports.
- Fixed some bugs.
- I found mips specs so it will be more easy to implement cpu (except for allegrex-specific instructions).

2008/02/14:

- First Attempt (Buggy)

If you want to give the emulator a shot, then go ahead and download it from the link below, for your use on your PC. Don't be too excited, though, since all it can do for now is to perform some instructions and a few BIOS calls. Enjoy!