Yes every PSP phat is hackable
1. You will need to buy a pandora battery from http://www.dealextreme.com/details.dx/sku.12472 (Do not mod the original battery if you can not afford a new SONY battery)
2. After your battery comes in the mail you will need to download PSPGRADER 8 from http://pspslimhacks.com/psp-grader-v008/
3. Then after you download PSPGrader you will need to download the Official 5.00 PSP update from http://uploadkeep.com/82dlkb8bqiyv/PSP_500_FW_UPDATE.RAR.html
4. After thats all done you will need to extract everything from the .RAR/.ZIP files (You can get/use iZarc to do this) then Put the Official 5.00 update (EBOOT.PBP) file in the same folder as PSPGrader 008 application.
6. After thats all done plug you PSP in via usb (with regular battery still in the PSP) and back up your memory stick to your computer and do a format in My Computer
7. Now run PSPGrader. just click the "Make Pandora" button on the Program
8. Now unplug your PSP from the computer and remove the battery.
9. Now pick up your PSP and hold the "L" Trigger and insert the pandora battery and choose "Install M33" after install remove the battery and use your original battery.
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Other Stuff
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1. Now if you want to upgrade to the latest version of CFW download Gen D-3 final from http://uploadkeep.com/fpu6jnuifgz4/xgen-550gen-d3-final_1260992120.zip.html After downloading put the 550.pbp on the root of your memory stick and the "UPDATE" folder into the "MS0:/PSP/GAME" Folder then run it using the psp
2. If you get 5.50 gen d-3 final you will need to download a patch to be able to save your games progress n such so download http://www.mediafire.com/?dngyi1nmzem and follow the simple instructions included
3. Now you can download what interesting plug-ins and homebrew games you want! from http://www.psp-hacks.com/
4. After thats all done just format your memory stick using the psp and put all your backup data from your computer back on to you psp
Also if you need any help go to http://www.pspmod.com/forums/ they are pretty helpful
Good luck!