PS Vita has a 'PSP Emulation' mode, that Sony use to make it play PSP software.
Unfortunately in the PSP Emu mode, it only has the same power as a PSP.
But as stated by Wololo, it uses an exploit in a game to work, which can easily be patched by Sony. Which knowing them, they will do. :P
So really, the exploits that worked on the PSP, should work on the PSV in PSP Emu mode.