It is now possible to enjoy PlayStation 1 games on Android OS powered phone. Thankfully to PSX4Droid, a simple Android app from ZodTTD and Yongzh to play most of PS1 games directly on Android handset. Even the PSX4Droid app is not free and costs you for $5.99, but the price is really worth for its abilities.
Probably PSX4Droid is the best PlayStation 1 emulator app for Android smartphone. It is reported that PSX4Droid has successfully run Final Fantasy VII, Warcraft, and Ridge Racer on Samsung Galaxy S. Also Crash Bandicoot on Google Nexus One, and Final Fantasy VII on Dell Streak. Curious huh? Then watch the video demo showing PSX4Droid playing those Play Station 1 games: