Nielkie has released version 0.3 of his wave modification application called WavePool. Just in case the name of the app doesn't give away what it does, let us help you out. This program is used to alter the PSP's wave effect, all you have to do is select an input system_plugin_bg.rco or opening_plugin.rco. Then you can either extract the texture, or insert you own. The readme file that comes with the download contains everything you need about the app.

For this version, Nielkie informs us that he had added support for Wave speed -duration and texture strength. Use this with ZiNgaBuRgA's RCO editor and your bound to have a kickass XMB. But going back to the subject, WavePool has a Linux and Windows version, plus the source code is also available for you.