Instructions
Navigate through your PSP main menu and select "System Update" and "Update via Internet." Select the PSP's Internet connection. Wait as your PSP searches for a system update.
Select "OK" to download the system update and wait as the update is downloaded onto your PSP's memory stick.
Press the "X" button on your PSP gamepad when the download completes to install the update to your PSP. Your PSP will reboot itself multiple times. When the PSP main menu appears, the process is complete. Your PSP Flash Player will be updated.