Homebrew developer notaz has ported PicoDrive to the the PSP. The base code of PicoDrive comes from Dave's (fdave, finalburn) PicoDrive 0.30 for Pocket PC while the CD code is roughly based on Stephane Dallongeville's Gens. For those unfamiliar with this application, it is an emulator for the Sega Genesis/ Megadrive and Sega CD/ Mega CD.

While the application lacks some of the more "fancy" options such as dynarecs/asm cores, it can run most games at full speed without having to resort to using frameskip and uses hardware MP3 decoding via the audio codec library of the PSP. Since the emulator is still in its early phases of development, it still has some VDP quirks and may have a few glitches because of inaccurate timing and sync between the emulated chips.

If you plan on using this application, be advised that you will still need to get BIOS files to run the Sega CD games and of course some roms. More details on how to use this application can be found in the comprehensive documentation included wth the emulator, so be sure to go over it before doing anything. That said, enjoy PicoDrive.