You might try a **** ring to see if it will stop or slow the leak.
OK, I see this question was all the way back in 2006, which is now 15 years ago! But in case the original 'asker' (Matty25) never got an answer, or is still dealing with this issue, or if others reading it are curious to know, here's my response:
Your symptoms do sound exactly like venous leak to me. There are 2 major elements to erections - blood flow IN, and trapping the flow in the penis so it doesn't flow back OUT. One of the characteristics of venous leak is the ability get an erection (full or partial) that can't be maintained - the blood flows IN, but then starts flowing out. It's like trying to fill a bucket w/ a hole in the bottom - you may be able to fill it partially, but at a certain point, water is flowing back out as fast as it's coming in, and the bucket never fills completely. I agree w/ what the 2nd Uro said - this was more likely venous leak, NOT Psychological. An injection of Prostaglandin or Tri-Mix would cause an erection regardless of mental state, as long as the physical part was working. Another curious thing is, no one seems to be exactly sure why venous leak develops - we know the 'veno-occlusive' mechanism that traps blood in the penis & enables a firm & lasting erection is not working as it should, but apparently we don't know exactly why, or how it developed in the 1st place. I think there are some theories about it, not sure if any have proven to be conclusive...
As to the 2nd Q - unfortunately, up to this point, there's not a whole lot that can be done to fix venous leak. I think there may have been some experimental surgeries that seemed to help SOME guys, but not all, and even the ones it helped didn't necessarily get a permanent 'cure'. We can only hope that somewhere down the road (hopefully in time to help!) there'll be some new surgical technique or drug therapy that would fix this issue...