That ultimate installer installs the latest and greatest dev hook but it doesnt have the 1.5 umd emulation, coz Ive tried it.
Im NOW using dev hook 0.45 which does emulate isos I tried it with tekken and juiced both working fine have a trouble saving with tekken but eassily fixed.
Or you could wait around 2 weeks - 1 month for Dark_Alex SE-C(Special edition revision C) which will be able to play ISO/CSOs with UMD.
Hey guys i was trying to figure out how to play psp games without a UMD and my first atempt and these turtorials were sour but i finally came across a great way to play PSP GAMES WIHTOUT A UMD... simple instructions on how to do it . when u follow everything correct you will be on your way to playing games without a UMD ... only catch is the iso's ive tried out were all 1.5 games ex: NBA LIVE 06 , SPIDERMAN 2 , NFS MOST WANTED ..etc
>>>> follow the link and read up and you should be on your way