I do this Regularly, and the setup I use works Flawlessly!! First thing i do when i buy a Game is back it up, and hide it away, (because my roomate and i are bad at taking care of the games!!). You Need a 1:1 Copying Program, ie; Clone CD, and a Compatible CD Burner (I have 2 cheap Memorex CRW-1622 IDE's) and A standard Game Enhancer, or Game Shark which can be found a K-Mart or Wal-Mart, and a Spring (which usually comes with the Enhancer. you can e-mail me if you want to know more!!
Lickily i'm blessed w/ an older Playstation that halts for 3 Seconds upon boot, so the Game Enhancer isn't really needed!! (lucky me)