This is a post we've spotted at PreciousPsp.blogspot.com! The post has got some value so we won't copy anything from it.lol.But if you want to know how to UPGRADE YOUR PSP to 5.50 GEN-D3 (4.0m33 and above) then might as well we share what we've learn from the blogger behind it!
Make sure you are using a PSP 1000 or PSP 2000 v1 and v2 only (NO V3 Mobos) with 4.01 m33 Firmware or higher.
Sorry PSP 3000 users this will not work for you.
1. Download the Gen-D3 pack DOWNLOAD LINK HERE or MIRROR
2. Extract the files using WINRAR or winzip
3. Connect Your PSP to the PC via the USB
4. Copy the file "550.pbp" to the root of your memory stick or ms0:/
5. Browse the extracted files and Copy the folder named "UPDATE" to your PSP at ms0:/PSP/GAME
6. Disconnect your PSP from your PC.
7. Using Your PSP, run XGen Updater for 5.50GEN-D3.
8. Follow the onscreen instructions.
9. Enjoy your newly updated PSP.
So here's the post for additional instructions!
http://preciouspsp.blogspot.com/2009/12/upgrade-your-psp-to-550-gen-d3-40m33.html