Things You'll Need
Instructions
Download the official firmware 5.00 and Rain's UltraLife MMS Maker files (see Resources for links).
Unzip both files with an unzip program such as WinZip or WinRAR.
Connect your PSP to your computer with the USB cable.
Turn on your PSP, and select "USB Connection" from the "Settings" tab to put it into USB mode.
Run the "RainUltraLiteMMS.exe" file on your computer.
Check the "Format Memory Stick" checkbox, and click "Make MMS."
Select the official firmware 5.00 reboot file from you download location when prompted to. The memory stick will then be formatted and converted to a magic memory stick.
Disconnect your PSP when the MMS Maker window says "Make MMS is Finished." You can then use a Pandora battery with your PSP and continue to install a custom firmware.