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PSP 1000 6.37 what can I do with it? (not just cfw)

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What can I do with my psp 1000 with 6.37 ofw?
Is the only way to play backed up store bought games through a downgrade with pandora and magic memory?
What about hacking the internet/web browser capabilities? I read it could be made better.
And homebrew stuff, whats that about? what can I do with it? and does it allow me to play backed up old ps1 gamess, old retro games, and psn bought games?

Sorry for the many questions I'm quite new to this. Thanks.
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if u hav psp 1000 series(phat), the latest custom firmware cfw 4 u are the 5.50 series. any firmware whether official or custom beyond 5.50 would cut down ur psp features to 4/5.
so i suggest that u downgrade ur psp to this cfw since u hav 6.37. to do that,u need to have a pandora battery and a magic memory stick mms.
both of em can be made n dnt hav to be bought from store.
ok so u shud know the difference b/w cfw and ofw. ofw allows u to play PSP games via UMD only. but the cfw allows u to play PSP games from your UMD or your memory card which can be downloaded from torrents for free!!!! tats not all cfw allows u to play PS1(PSX) games on ur psp,moreover cfw allows users to install emulators on their psp such as sega genesis,gameboy,SNES etc which is really very cool. moreover u install applications such as txt,pdf file reader, instruments like piano,drums,guitar playing app! and with cfw u can install psptube, this allows u to watch youtube,megavideo,dailymotion etc videos n download em!!! the possibilities r endless. this whole story about cfw is also known as homebrew i.e exploiting,hacking ur psp homebrew! did u get all of tat?
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