http://www.psp-hacks.com/file/3 (MPH downgrader)
http://www.psp-hacks.com/file/4 (1.5 EBOOT)
connect your psp to computer using usb cable
put the folder "PSP" that is located in the download and drag it to your root directory of your memory stick
Put the 2 files called h.bin and index.dat in the root directory also.
Now open the folder "PSP" in thats in the root directory and create a folder called "GAME" if you dont already have that
in the folder "GAME" make a new folder called "UPDATE" and drag the 1.5 eboot file in here
now plug in your AC charger and return to the psp menu (with the icons and such) and click on "GAME" and "memory stick" and find your 1.5 update icon.
once that is done, it will say 'error and some number' thats ok, just hold the power button up for 5 seconds or so and then your psp will restart and you have 1.5.