I've decided that following my two page tutorial was way too long and complicated so I thought, why not make a easier and faster way that is as efficient? First of all, you will need:
-Sony PSP battery (Spare one recommended)
-128MB or more Memory Stick PRO Duo (Spare one recommended)
-OFW(Official FirmWare)1.50 or any CFW(Custom Firmware) PSP that can run homebrew.
-Windows account with 'admin' rights.
Compatible Batteries:
The official Sony batteries that are compatible with Pandora files are the PSP-110 and the PSP-280.

Downloads: Pandora's Box Easy GUI by MrDude: RapidShare: 1-Click Webhosting
OR
Send big files the easy way. Files too large for email attachments? No problem! Custom Firmware 3.52 M33
3.52 M33 Custom Firmware Installer
Send big files the easy way. Files too large for email attachments? No problem!
Custom Firmware 3.52 M33 Update #4:
Send big files the easy way. Files too large for email attachments? No problem!
What's new in Update #4:
-Fixes a few compatibility issues with certain PSX and PSP Games.
-Adds a few new features to the recovery menu.
I'm only including the M33 CFW because it's what I recommend. If you want the download to Dark Alex's, PM me or post and I reply.
How to use Pandora's Box Easy GUI:
1. Press Go on Step 1. It will ask you to connect your PSP to your PC using a USB Cable. Connect your PSP and select the drive your Memory Stick is located (E:\, H:\, etc.)
2. Press Go when you're finished. Your Memory Stick will now be reformated. Type Y and hit enter when you see the Command Prompt pop up (the black screen)
MAKE SURE TO BACK UP YOUR FILES SUCH AS YOUR SAVE DATA.
3. Your Memory Stick will now be modified for the files. Type Y and hit enter.
4. Turn off your PSP and turn it back on. Make a USB connection again. When it's finished, you've successfully converted your Memory Stick and Battery to Pandora's.
Now you can downgrade your PSP to 1.50 and install a CFW.
Downgrade to 1.50 by using your Pandora Battery + Magic Memory Stick
1. Turn off your PSP by holding the power for 4 seconds. You MUST hold it for 4 seconds for it to shut off completely.
2. Insert your Magic Memory Stick.
3. Insert your Pandora Battery. If the battery was successfully, then your PSP should turn on automatically. If not, turn the battery back to the original one and buy a compatible battery.
4. There will be 3 options to choose from. Click 'X' to start downgrading to 1.50.
5. Follow the instructions to finish downgrading.
Once you've finished downgrading, you'll have to remove the Pandora Battery and replace it with a normal one (or return your Pandora Battery back to its original) to use your PSP again.
Install Instructions for 'M33' Custom Firmware:
1. Download the 'M33 Custom Firmware' Installer.
2. Connect your PSP to your computer and create a USB Connection.
3. Extract the Custom Firmware Installer:
If you have the Official Sony 1.50 firmware then extract the installer to the 'PSP / GAME' folder.
If you have Custom Firmware already installed, extract the installer to the 'PSP / GAME150' folder.
4. Close USB connection and disconnect USB cable from your PSP.
5. If you have 'Sony Firmware 1.50', go to the Game -> Memory Stick menu and run the 'Kxploit Permanent Patcher'
program, This patches your 'Sony Firmware 1.50' PSP so it can run the Custom Firmware installer.
(Note: Ignore the 'Corrupted Data' Icon in the game menu, don't delete it as its part of the 'Kxploit Patcher' program)
If you already have a 'Custom Firmware' version installed then you can skip this step and go to step 6.
6. Go to the Game -> Memory Stick menu and run the '3.52 M33UPDATE' program.
You will need to have 75% or more battery power to Install the Custom Firmware. This is a 'safety measure' to make sure you have enough battery power so your PSP won't brick during the update. Note: You can skip the battery check by holding the 'Triangle' and 'L' buttons just before the 'Sony Bootscreen' disappears. I don't recommend you do this as it increases the risk of bricking your PSP.
7. Press "X" to start the upgrade to Custom Firmware.
8. Once Custom Firmware was been installed you will be asked to press "X" to turn off your PSP and manually restart.
9. Turn your PSP back on and you will now have Custom Firmware Installed.
10. Set the Time and Date of your PSP and configure the 'Recovery' Mode' options (see next post)
11. Format your memory stick using your PSP. This gives you a clean memory stick and erases any 'left-over' files.
MAKE SURE TO BACK UP FILES BEFORE YOU DO THIS. Applying the M33 Update:
1. Extract the 'M33 Update' to a folder on your hard drive.
2. Connect your PSP to your computer and create a USB connection.
3. Copy and paste the 'M33 Update' to your 'PSP \ GAME150' folder
(e.g E:\ PSP \ GAME150 \ M33Update4 \ eboot.pbp)
4. Go to the Game -> Memory Stick menu
5. Highlight the 'M33 Update' icon and press 'X' to start the update.
6. A message will be displayed on the screen:
M33 update: Press X to do the update.
7. Press 'X' and the update will be applied, If the update was successful you will see
'Update Successful' on the screen and then you will return to the PSP 'Game' Menu.
8. After the update, go to the Game -> Memory stick menu, highlight the 'Update'.
press Triangle and choose 'Delete', select 'Yes' and press 'X' and then 'O'.
This will remove the update from your memory stick.
How to restore Pandora Battery to original
1. Remove the battery and the memory stick from your PSP.
2. Plug your PSP into your charger in a wall outlet and turn it on.
3. When your PSP is launched as in the XMB menu, insert your Pandora battery and then the Magic Memory Stick.
4. Go to the Game -> Memory Stick and run the "Pandora Battery Creator"
5. When the program finishes loading, press square to return your Pandora battery back to its original.
6. When the program exits back to the XMB menu, launch the "Pandora Battery Creator" again.
7. This time, press both L and R at the same time. If you get an "Error writing to #14" message, don't worry, the battery will still work.
8. When the program exits and goes back to the XMB menu, fully shut off your PSP by holding the power for 4 seconds. Take out the battery and reinsert it.
Note: If your PSP turns on automatically when you reinsert the battery at Step 8, the restore was unsuccessful. You may want to read the steps carefully over again.
How to restore your Magic Memory Stick back to original Memory Stick MAKE SURE YOUR BATTERY IS RESTORED BACK TO NORMAL ALREADY BEFORE YOU RESTORE YOUR MAGIC MEMORY STICK BECAUSE THERE ARE SOME INFORMATION FROM THE BATTERY THAT IS STORED ON THE MEMORY STICK.
1. Insert a normal battery and your Magic Memory Stick that you want to restore.
2. Go to Settings Menu, System Settings.
3. Choose Format Memory Stick and follow the instructions.
Credits:
PSPISO Click the Thanks button if this guide helped you.