Is there any possible way to rip a UMD (Universal Media Disk) and transfer the file to memory stick?

if you dont know nothing about psp hacking yet you have a lot of catching up to do.....yes that is possible but theres to much to explain you would have to start from scratch to know what you are doing.. heres a site where i learned a lot when i started out from www.psp-hacks.com...butt i learned from everywhere,forums,chatrooms and other sites goodluck

Yes but you need an open edition firmware, and like the guy said you are way behind in hacking. Check tutorial or this:

http://forums.qj.net/f-guides-hacks-homebrew-and-e...

You can't unless your PSP can play homebrews.