Priiloader is a modded version of Preloader.
Just like preloader, Priiloader places itself in boot sequence before the system menu. By this priiloader has the ability to:
1: Patch memory just like StartPatch or Preloader. hacks_hash.ini should be on the sd root(only once, they get copied to NAND) and can be found here.
2: Save wii from banner & other kind of bricks that aren't ios/boot2/nand corruption related
3: Start something else than system menu on power up (a dol file, bootmii, homebrew channel)
Just remember folks, this homebrew makes permanent changes to your Wii's flash memory (NAND) and should be used with caution.