Step 1: After downloading the files above, Plug in a USB thumb drive and copy both REBUG Toolbox and PSP Launcher 2.00 to the root of the USB.
Step 2: On the Root of the USB create a new folder called PSPISO and open it. Place whatever ISO file you want here.
Step 3: Plug your USB into your PS3 and then scroll to Package Manager, Select Install Package Files then Standard Installation and install REBUG Toolbox and PSP Launcher.
Step 4: Go back to the mail XMB after your all installed and select your REBUG Toolbox, Once open go to Selector and make sure the following apply
System Mode: REBUG
Cobra Mode: Enable
PS2 EMU: COBRA
Step 5: Exit the Rebug toolbox and your PS3 will reboot. Once thats done, it's time to copy your ISO to your HDD.
Step 6: Open your MultiMAN and for to Root Browser/mmOS. Open the PS3 Root and select your USB. Select your PSPISO folder and hit O on your ISO and then select copy by pressing X. Navigate back to HDD0 and select the PSPISO folder there and hit O and select Paste by pressing X then Exit MultiMAN.
Step 7: Open up WebMAN on your XMB and select PlayStation Portable, then select your ISO. Hit yes at the command and then launch your PSP Launcher and enjoy the game!!