Yes. But you do need to buy some things like a network adapter and an internal harddrive, or a usb harddive (I didn't do it this way) a ps1 game (anyone will do. go for the cheapest), and a memory card.
Best way is too install fmcb 1.8 to memory card Just check under the INSTALLATION tab in this link on the many ways to Install. http://sksapps.com/index.php?page=fmcb.html
http://www.youtube.com/watch?v=zrezz9p8g-Y&feature=related Best guide I could find. I followed it myself and it worked perferctly.
The cheapest, easiest way to an exploited MC is here: 007 PS2 Softmod I just did it the other day. Found multiple non-game of the year 007 games at Gamestop for $3.99 in the sale bin. (very important to get the non-game of the year edition) After that, just follow the instructions. It took me maybe 30 minutes and that included playing the game to level 2 and walking back and forth to my computer to check steps. By the way, the game controls reeeeeeeally suck so go luck getting to level 2 if you try this
