Ok, after a bit of research and looking around, I found out exactly what I wanted to find out. And will share my findings just in case there is anybody else out there confused about this whole thing as I was. I thought my head was going to explode searching through all these forums,websites etc and all the info about all the different types and clones.. and boards... and loaders! I had no idea where to start! So anyway, here is the easy way.
1. Get yourself a Teensy USB Development Board
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I found one on eBay for $55. It is a ATMEGA32U4 (standard Teensy, not the ++). The ++ is a AT90USB1286 which works too, just more expensive.
Here is Teensy's site for reference. They are cheaper there, but out of stock. So get one from ebay or elsewhere if you can find it cheaper.
https://www.pjrc.com/teensy/index.html
2. Follow this tutorial.
https://www.ps3-hacks.com/2010/09/07/psgroove-teensy-tutorial/
That's it! The tut is real easy to follow and provides PSgroove files for both the Teensy ATMEGA32U4 and AT90USB1286 boards. Props to PS3-hacks.com for supplying such a thing!