Myungwoon Go has released v0.2 of his AVI player for the PSP.
Here is what he had to say about this release:
Introduction
this is first AVI player for PSP.
this is port of AVI player for GP32 console (aka GP Cinema).
This is program is still experimental. and not optimized so enjoy it with your own risk!!
New features
this version supports sound decoding. but,the supported codec is still limited(video-DIVX and audio-MP3)
I am working on more codec support and more optimization, but many timer related API and IRQ routines are still undiscovered. I am also working hard to discover the API. But I am not a professional programmer, so the optimization is slow, unfortunately.