This is my open source PlayStation software development kit based on Binutils, GCC, my own libs, my own tools and scraps and pieces from the old golden times (1998-1999) of PSX development.
With it one can make his own PlayStation programs and games with modern tools and without infringing any license. Moreover, as it is open source, it can be a learning experience and bugs can be fixed more easily.
The 0.1 version is precompiled, but it is several months old and full of bugs, so I don't think you would want to use it. Fetching the sources of the WIP version with SVN (Subversion) from the repository at google code and compiling them is much better as many bugs have been fixed (though not all). If there's enough demand I might offer the current SVN code precompiled...
The biggest lack of my SDK is currently 3D: the GTE is not supported and it doesn't have any 3d functions.
It is however almost complete for 2D games and the SVN code also has pad vibration support and a mod player library.
I wouldn't advise to use it this on big endian systems for the time being as not every tool works well on big endian machines (UltraSparcs, old Macs, etc.) for now. This is going to be fixed.
There is an "official" IRC channel: #psxdev on irc.freenode.net
Spread the voice and tell others about this.

