Answer:
To play ntsc games on a pal console you need to overide the consoles security, for this you can just buy magic swap DVD with the slide tool. You can buy swap magic from here.
http://www.gocybershopping.com/product.php?productid=1291&cat=0&page=1
Swap Magic is also capable of booting "burnt" games as well.
If you want to run executable ELF files (e.g. homebrew), then buy the CODER disks, here.
http://www.gocybershopping.com/product.php?productid=1491&cat=&bestseller=Y