It is. But you'd need to downgrade the firmware, and download a special os program, or virtual desktop for the psp, im sure homebrew has something like that, or remotely like that available.
It would be similar to the process people go through to emulate games on the psp, only different, and it would be way too much work. In the time it would take to do so, you could easily raise enough money to buy a laptop instead, and just install the program on that.