Psp stands for playstation portable.it is a great console for light gamers as it doesnt havve any hardcore game .it has pretty huge game library of more than 200 games made for it till date.it comes with an 8 gbmemory card which can have upto 7 games.
I would recommend getting it cracked but this will remove the warranty although the games will become 100 times cheaper literally 100 times.a cd for psp will cost you about 5000 max where as cracked games will cost about 50 each.you can store media too like music photos and videos.