There's already an app out there for the PSP which allows you to podcast via your PSP.
It will allow you to download video and re-encode it with the PSP codecs and upload to your docked PSP. The app is called PSP Video 9 and is freeware and combined with Videora 1.0 (a bittorrent client) which sells for $23 gives you this ability.
Listed below are links to blogs that reference this entry: PSPCasting.
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