You need to update your Multiman for one, that is ANCIENT but once you update MM top the latest 02.09.02 you can launch PS1 games from CD and you can make PS3 ISO's as well and boot from there. and LMAO at the PS3Yes! that is DOA man, Cobra allows PS1/2 and PSP games to be played from your HDD. Yes you need a backwards compatible PS3 for PS2 games but PS1 and PSP work just fine. PS1 games don't work at all with True Blue due to the payload it is currently using but it does allow you to play the newest games. You can play PS1 though as is if you just update, there is also a tool in the latest Multiman that makes ISO's for you to burn for PS3 games as well. The newest you will find on the net is 02.05.00 and then you update to the latest via wifi or internet on the PS3 itself but the tools I spoke of are going to be in the 02.05.00 version of Multiman.
PS3 CECH-25001 Rebug 4.41.2 "Lite" 1tb iNt & 2tb eXT mM 4.40.00