Thank you Th3 and Booboo. I found the AdfuUpdate.inf file after installing the software that comes along with the player. Before I did not do that since I didn't need it.
I followed the instruction to format the player and it went down to 2GB, the true physical memory (I'm glad it wasn't 1GB!) and can be seen as a mass storage device. I was not able to get the music functionality to work as some of the firmware I tried results in blank screens, the LCD did not even turn on.
Would anyone by any chance know of a firmware that would work with this hacked unit? I would like it to be more than a very expensive and extremely slow USB memory device :-)
Here's a picture of the device:
Thank you,
-Ben