Quote from busharts...
"Max can use any image in any one of twelve computer formats. The very common .jpg, .bmp, .tif, .png, .gif, and Photoshops' .psd, or the less common .pcx, .tga, .wmf, .apm, .emf, .pcd formats.
Any image, in any of these formats, can be used within Max... and it can be used as a page background, photo, embellishment, paper scrap or all of the above!" (...but each will have different other features/treatments available)
My Max (V2) will use psd easily.
It may be a problem if the psd is an older one, made prior to V7 of photoshop.
Scrapbook MAX! will read .psd files if they contain a flattened bitmap. (IIRC the format refers to this as the "thumbnail" but it's not a small image, it's a full size bitmap.) Any .psd file created in Photoshop should have that bitmap, but it's possible some third-party tools might not include it.
Unfortunately Adobe keeps most of the .psd details secret, so no layer data will be loaded -- if the .psd file contains multiple layers they will effectively be "flattened" first.