Rather new to this but the psp 3000 my friend recently gave me came preloaded with 6.37. For now it seems if I want to do anything involving iso's I'm just going to have to wait, which is fine.
As far as this goes I have a few questions.
What are my options?(if any)
What will I actually be able to do with said options?(run official games, iso's, emulators or just homebrew)

And I have a few basic questions about modded firmware in general.
How does custom firmware work and how do I play backups of official psp games?
What are some of the differences between some of the firmwares currently out?
For the record I did look around for a FAQ involving these questions but I couldn't find anything that satisfied my curiosity.