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I'm sorry Leo, but what you are talking about wouldn't work. Have you noticed that video's from places like youtube are very low res? That's because you can't stream video fast enough to make it watchable over a certain resolution. If you want something better, you need to buffer it and even then it normally takes forever to watch anything because it has to keep buffering. A Bluray movie has way to much information to stream effectively. You might manage it if you're ps3 and psp were both connected directly to a network backbone, but even then I doubt the network interface devices would be capable of handling that much bandwidth...

There's a reason a high def video requires so much space.