RACE PSP is a Neo Geo Pocket (Color) emulator for PlayStation Portable.

Release notes:

As promised, RACE! PSP, the NeoGeo Pocket and Pocket Color emulator is now available. Like the original release by Flavor, this version does not feature state saving, however, it does save flash memory information routinely (either when exiting to the emulator’s menu, or to the XMB). State saving is planned for a future release, however. Again, many thanks to Flavor for his original PSP port.

http://0xff.akop.org/2008/09/10/race-psp-version-20-released/