Upgrade VERY outdated PSP cfw


I just recently picked up my PSP again, and realized it needed some upgrading to run the newer emulators and such. I was happy to see this site was still around and hoping to get some help.

My PSP is the very first gen (bought it right when it came out). I never upgraded until custom firmware came out. It is currently a 3.02 OE-B. What steps do I need to take to upgrade to the very latest/best custom firmware, and what is it. There are so many acronyms etc. I just need some newbie assistance.
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