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Originally Posted by Rock
It's basically a savegame exploit. The modified savegame causes a buffer overflow upon loading, allowing it to execute custom code and flush the memory. It then loads up a launcher from which you can run your own homebrew EBOOT-files.
The latest version of the launcher is compatible with a lot of existing homebrew, including the best emulators.
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I got most of that from reading the page. But I still have the same question "Does it require a GTA UMD?", do I need to load the GTA game first, then run the homebrew stuff?
This thing is sticky, and I don't like it. I don't appreciate it.