Emulation is growing every day, and PSPE is a perfect prove of that, even though this emulator still can't run any commercial PSP game, you can try it by playing some demos and homebrew games.
It is important to remember that this emulator is the first of its kind, but after all we are expecting more updates for this project and why not more PSP emulators.
An important thing is that you need to get SDL.dll in order to run the emulator. Just scroll down to get that file and remember to place all files into the same root folder.
You can download the emulator below:
You may download the Simple DirectMedia Layer below: