PSP not detecting memory stick??

Yesterday, I started using my PSP that hasn't been used for almost a year. It is a hacked PSP 2000. I removed almost all of the games and put one game which is WWE SvR 2010. It went as usual until for no reason, during a match, the volume began to slowly decrease (first the music that plays during a match was muted, then the audience, then the sound effects). After ending the match, the screen went black for a LOOOOONNNNGGGG time. I got sick of waiting, so I pressed 'Home', and returned to the menu. The "Please wait..." then got stuck on the screen for an even longer time. I tried to just sleep or shut down the PSP but it won't. So I took out the battery and put it back in. When it booted up, the memory stick couldn't be detected. It said the memory stick isn't inserted while IT IS. I tried taking it out and putting it back in (duh), but it still won't budge. The exact same thing happened a long time ago, the memory stick couldn't be detected, but I took it out and put it back in then problem solved. I tried resting the PSP for a while, but no effect. The MS light also keeps blinking rapidly. I don't have any other PSP or friends who use PSP and I don't have another MS, so I don't know if the MS is busted or the PSP is broken. The MS slot looks fine (nothing out of place, clear) so is my MS corrupted or something? I used to have the game a long time ago before I removed it from the PSP and nothing happened (The game used to be in the PSP but I removed. Yesterday, I put it back in). I have a CFW (GEN-C 5.03).