Using the PSPUsing Your Computer Using a UMDInstalling Custom Firmware Community Q&A Your PSP firmware controls your system settings, and new versions get released to add features and fix errors and security problems.
There are several ways that you can update the firmware on your PSP.
But today I've found a possible fix to get my old one working again.
If I wipe the hard drive and stick it back in, will it work?
Within the folder, create a folder named 'UPDATE' (This folder name is case sensitive and must appear in all capital letters).
Once the UPDATE folder has been created, download the PS3 system software update to this location. Release button and it should ask you to connect controller with wire.
To transfer the update data to your Play Station 3, save the file to a PS3 compatible storage device such as Memory Stick, Memory Stick Duo, USB drive or PSP.
If you are stuck at the wavy screen update again via Safemode.
If you have a network connection, you can update directly from the PSP itself.
Otherwise, you can use a computer or a game disc that comes with update software.
Whenever they plug PS3 storage media like USB pen drive to PS3 system, it shows an error saying "Applicable Update Data Not Found" or "Connect storage media that contains update data of version." There is no issue neither with your PS3 storage media [memory stick PS3 ] nor sony software.
Learn how to get out of this error in a simple way occurred to update PS3 software or to download Play Station firmware.
Also see the official page for the 4.45 issue here.