its quite easy, ive heard. I think you need a certain battery or a second PSP to do it though.
I just took mine to the local market and got some fella to do it for $30 haha
After its hacked, make sure you get a legit memory stick for the PSP (one which says magicgate supported)
Got conned into a fake one at the markets and it doesnt like putting too many files on it.
Hope my irrelevant information helped you some way