
As the emulator is not signed, you need a custom firmware to run it.
Here, you can get the latest (?) version:
http://psp.akop.org/vice
Possible preferences:

Options:
Screen size = 4:3 scaled (fit height)
Border = disabled (stretched)
PSP clock frequenzy = 266 MHz
System:
Input - joystick port = port 1
Sometimes there are some minor sound issues. But this emulator rocks however.
