Someone has figured out how to get around the copy protection system on UMD discs. Apparently, they were able to pull the necessary files for a number of games including Ridge Racers and Vampire Chronicles. Are movie UMDs far behind?
Given that UMD discs are read-only, there is no current way to copy the extracted files back onto one. But Memory Sticks now offer enough capacity that files could be copied onto those. I’m not sure if that would allow you to play the games but if not, it’s likely someone is working on getting around that.