Well not really... The old obsolete way would be to use the Grand Theft Auto Liberty City Stories UMD Update exploit or the Lumines UMD exploit which requires you to not only have the specific UMD but also to be on a certain version of official firmware as well as have a PSP 1000/Phat/Original. Don't quote me on this but if I remember correctly the exploit only worked up to version 3.50 Official firmware for the lumines version and a much lower version for the GTA version.
A much older version of the hack would be the HEN method, which I'm quite vague about. But this method would require your PSP to be on version 2.60 or something and does not require any UMD.
All the above methods are for the old psp, so if you're on a slim or your firmware is above 3.50 your only hope would be the "magic" stuff or work for Sony hehe
Hope that helps
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No its not the only way for slims there are other ways there just risky me and my friend hacked my slim without a pandoreas battery and magic mem stick. but unfortunatly dark alexs site is mysteriously on STNBY? Ash