This is no BS, this it's actually how I play all of the games I've downloaded from this site.
I'll post the Youtube video, and save myself alot of typing.
http://youtube.com/watch?v=ap6-FxgX86A
It works, but it doesnt work with PS2 backups. I was so surprised to do this and have it work!
Try it out and let me know what you think!
Also, you don't need swap magic, but the little card they give is very handy. You can also use the template and cut your own card out of a credit card too, but its not as sturdy.
The only thing I have to add to the video is that when you push it back it, push SLOWLY, as otherwise the cd will make a disconcerting grinding noise in the CD drive. Most games load pretty fast, meaning it doesnt show the PS logo for long. The only game I've had take a while so far is FF5. And when you pull out the game after highlighting it in the browser, its still spinning in the drive so as you pull it stops spinning, and makes a funky grinding noise, but it's nothing to worry about. I recommend using a CD that you care much for (for me personally, I use the Demo Disc I got with my PSX wayyyy back in 98), so even if it does get scratched, its not much to worry about.
Hope this helps those of you who needed a way to boot.