pSXAuthor released a new version of his PlaySation emulator. You should now be able to play your games right off the CD. Here is the full change list :

* Improved ASPI and IoControl latency
* Added SPTI support
* Added support for 16bit rendering (including 565), only used if necessary
* Full screen mode configuration (NTSC and PAL configured separately)
* Fixed GTE bug that caused Valkyrie Profile to crash
* Improved streamed ADPCM audio (Valkyrie Profile and others)

pSX homepage http://psxemulator.gazaxian.com/