Oddly, the PAL demo of Sly 1 uses a different archive than the others do. It's a WAD file.
Download (204 MB compressed, 301 MB decompressed)
(Link removed)
EDIT: Don't waste your time. I just realized the archive is encrypted in some way because only a PlayStation .VAG file is in there, and the rest of the data is garbage. It's odd, because the .ELF file is even encrypted in some form, because the ELF file is literally emptied out, but still a megabyte.