It works, but only in the basest sense of the word: the sound and video are choppy, and the controls seem unresponsive. I hope that this little tutorial may help others as well as it helped me.I used a memory card exploit to get uLaunchELF 4.12 to run from there, I copied SNES_EMU.ELF (SNES Station v2.4) and a few ROMs onto my memory card. I had some issues during the dumping process with the v2 of the bios dumper not finding the USB stick (no matter from where I started the dumper) and managed to make it work with a cheap memorycard reader and a 4GB FAT-formatted SD-card. Navigate to the bios dumping utility and start it.

The PS2 is now started with FMCB (see attachment).

Now, quickly press the power button in order to reset the PS2.

Start the PS2 and during the startup hold the 'Start'-button until a text shows on the TV saying 'Disabled' (see attachment).

Make sure that the memcard with the FMCB installation is present in slot 1.

When the memcard installation is done, poweroff the PS2.

In FMCB menu, choose to install on one of the memory cards (in my case the one in slot 2 since I start uLaunchElf from memcard in slot 1).

From uLaunchElf, boot the 'FMCBInstaller.elf'-file.

Put the FreeMCBoot installation on a USB stick together with the bios dumping utility and insert it into the PS2.

Start the PS2 with the modchip enabled and boot into uLaunchElf.

The Matrix Infinity chip apparently modded my bios somehow and made it unusable for PCSX2, so I bypassed the chip with FMCB. Is my BIOS done for? The PS2 works well in all other aspects (play from DVD, play from HDD etc.). Any help in this is greatly appreciated since I want to use my bios.

The PS2 I've dumped the bios from is a silver phat console with Matrix Infinity modchip installed, and the dump software was run from mc0 via uLaunchElf 4.42. The FPS counter, EE % and UI % in the window title are all moving. Given I have my own PS2 (or 4 of them, but only one with working lazer) I decided to give it a go and dump my bios (PAL, 50004, V9) and I managed to do this successfully using both v1 and v2 of the dumper, but when I start up PCSX2 with my bios loaded (and 'No Disc'), I only get a black screen and nothing is showing nor hearing. I gave it a shot with his bios (PAL, 70004, V12) from his PS2 slim and I have to say: It works really well. I have recently taken up PCSX2 again due to a friend of mine who claimed to have tested it recently with great success (compared to 2011).

Ulaunchelf 4.42 bios black ps2