I thought the SE's were meant to be able to play everything 1.5 could. I just got a new game and when I came to rip it, I got the "Game cannot be played" screen.

why would you want to run fastloader on SE-C? the XMB has a BETTER iso compatability than fastloader does.
if you want to dump a umd there are better dumping programs for the psp

EDIT after re-reading your post i realized you wanted to rip the umd here is a link to a dumper that 100% works for me
http://www.psp-hacks.com/file/38