I purchased an IPAQ 3950 used and it had Linux already installed. It is
using bootldr 2.21.12.

It says that by holding down the middle of the joypad and doing a reset, I
will get the raw bootldr. However doing this does nothing but get the
regular bootldr screen. No options (such as serial boot) will work except
"boot from flash rom".

What exactly am I doing wrong?

I am a newbie to pda's.

Any suggestions?

Thanks a bunch!