From Team P86's readme:

PMP VLC Player v1.0 By Team P86:
PMP VLC Player is a homebrew which plays streaming media with VLC Player. This may be TV or
a Film etc.
We will integrate it to TVSP but first of all we released alpha release...
Welcome back. :) After jockyw's last OE release. We fixed some bugs and added these:
-Speed Improvements
-New NetDialog Interface...
-Fixed the bug which causes freezing in Loading screen...
-Recompile for new M33 SDK...

**Installation**
-Remove existing VLC Player version from your PC...
-Reinstall from "vlc-0.8.6a-psp-x264-wait-win32.exe"...
-Copy "PMPVLC100_M33_P86" folder to PSP/GAME folder...
-Open pmp.ini file from PMPVLC100_M33_P86 folder and change all IP addresses to your PC's local address...
-Run VLC Player on PC and if you play network stream(for example: internet tv),
File>Open Network Stream and type your stream address in Customize box and click Stream/Save and Caching option.
-Click Settings and type this code (code found in actual readme) in the Target box and click OK...(Don't forget to change IP address in this code.)
-Type 300 in the Caching box.
-Finally click ok...
-Come back to the PSP :)
-Execute PMP VLC Player on PSP...
-And toggle R trigger to connect AP.
-Select your AP and wait for connecting.
-After this, click SELECT and choose Live Stream...
-Wait....

Changelog:
v1.1
-Changed Select/Enter Button to CROSS for reducing mistakes...
-Removed the background cube animation...
-Fixed the bug which causes in NetDialog when you select your AP.

v1.0
-Speed Improvements
-New NetDialog Interface...
-Fixed the bug which causes freezing in Loading screen...
-Recompile for new M33 SDK...
-Added 5.00 M33 Compatiblity