Let me paint you a picture:

Sony wants Dreamcast games for PSN…
the PSP has already been shown running a DC emulator (albeit a slow one, but this was homebrew)…
most recent PSPs have built-in microphones…

So naturally… the first obvious application would be to run Seaman.

Portable disturbing digital pocketfish. For those important questions that arise in life, you could have access to this level of oracular weird on-the-go.