Certain versions of the Sharkport PS2 CD will not work with newer revisions of the PS2 hardware. When I originally bought my Sharkport, this was the case for me.
I called InterAct, and after a few tries finally got a newer version of the PS2 disc that worked just fine. However, it was still a blue-bottomed CD ... so if your PS2 isn't reading any games on CD, this may not be the problem you're having.

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