I found this very interesting article, how to play PSP using PC. How to do that ? you should install an emulator to your pc and we should thanks to PSP-Hacks.com for the PSP emulator.You can now play PSP programs on your home PC. Next step will be to play the previously leaked UMD ISO’s on your own computer.

you can download emulator here

Remember. This emulator still on early stage, so it can only play PSP Homebrew application/games, not the real PSP games yet.