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PBP is the archive format used for the PSP. The archive contains description data, preview media and executable/data content.
At the time of writing, PBP files have only been used for firmware updates, however, it is likely that game demos will also be distributed as PBP archives.
The format of PBP archives has been worked out. It is an uncompressed archive, with an index displaying file data offsets.
PBP files can be run from memory stick. They must be placed in /PSP/GAME/.