If your psp is stuck on the please wait screen, the reason why it is because the psp is overheating and the CPU freezes up and locks up. To fix this, simply remove the battery cover, then remove the battery pack, this will allow the psp CPU to cool down. Reinsert the battery pack after 5 minutes and replace the battery cover and power on your psp console.
If your psp console persists on getting stuck on the please wait screen, the firmware that your psp is running can have a bug, so i suggest you update the firmware if there is a latest available version released for your psp.
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