Homebrew developer download has come out with Version Flasher 1.7. According to him, this program spoofs your current firmware by flashing the index.dat and version.txt files from a later firmware update.
In a nut shell, this should ensure better compatibility when running newer games and demos which require the more recent firmware. The developer also made sure that a backup was created so you can always restore your PSP back to its former configuration if anything happens.
Since this program flashes your handheld, there is always a possibility of bricking your system when using it. Needless to day, be very carefull when using this homebrew.
In case you want to try it out, Ninja ninja ninja on the PSP Hacks site gave a short guide on how to do it:
["Flashing Firmware 3.40-OE"]
1.50 Kernel
1. Copy last version_flasher folder to GAME Folder on PSP
2. Execute Version Flasher
3. Backup Original
4. Flash 3.52 Version
5. Exit
6. Restart PSP - Complete Restart
3.40 Kernel
1. Copy last version_flasher folder to GAME150 Folder on PSP - If that doesn't work. Place into 3.40 Folder - If that doesn't work. Place into 3.52 Folder
2. Execute Version Flasher
3. Backup Original
4. Flash 3.52 Version
5. Exit
6. Restart PSP - Complete Restart
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