Teaching and old psp new tricks

Ive had a PSP since launch and have been very frustrated with the titles available so far. I have not upgraded my psp and still have firmware 1.5 I have all the orgional launch titles but havent bought anything new because I enjoy playing the old nes games and quake and doom. I am kinda out of touch with what I can do with my psp at this point and have a few questions.

1. is it possible to have a dual boot without buying the add on chip for the psp and what are the dangers of doing that

2. what is the max size memory card the psp can handle

for a playstation fanboy Ive felt beat and used that I have spent so much on a psp that I cant do everything I want with it and it is starting to sway my oppinion of the ps3. I dont want to put out 600 dollars to find out I have a bad product
(and please dont send hate mail I love playstation just a bit annoyed)

umm
r u sayin u wanna play homebrew, and new games that require updates



just use the newest devhook