Project PlayStation Input Output has been trying to load PlayStation 1 game images through the game system's parallel I/O port since 2010, and now it's ready to show off the first prototype. If piracy is your aim, then modchips that let users play burned discs and emulators that have been available through the console's 19-year history should suffice, but this project aims to bypass those methods. The potential benefits include easier homebrew support and playing of ripped discs on the original hardware without worrying about wearing out an aging console's laser. Eventually the team wants to load games and saves from an SD card, but in this demo video it's playing Klonoa: Door to Phantomile from an attached PC. As seen in the nearly ten minute video it does work, albeit slowly. As the video notes, optimizations for the USB controller and CD sectors that should speed things up have not been implemented yet. According to its FAQ, the PSIO team aims to have a final version done this year.
I've supported the PSIO team from the beginning and I'm glad to see the progress they've made.