Interested in device hacking

I have come to possess a digital photo frame keychain, similar to this. A seemingly useless piece of technology as it has barely enough memory to remember it's own OS, but an interesting potential as a very small display. I'm wondering if I can somehow hack this device to allow me to use the display however I want. In a perfect world I could use it as a display for a HTPC similar to the ones on DVD players, but lets not get ahead here.

What should i do to get started? I tried wiping it's internal memory but it won't let me erase read-only. So clearly I have no idea what I'm doing but I figured I'd try a photo frame first instead of jumping into gaming consoles. Anyway, thanks for the help in advance, good will hacking.