I've tired that with my PS2 many times, yet it still won't work. I think it will still play PS1 games, but won't even begin to read the PS2 ones. The lens doesn't move at all when you try to start up a PS2 game.
What would anyone recommend doing in a situation like this? I don't particularly want to fork out for a new PS2 as I'm saving up for the PS3. I don't care how long it takes for Sony to fix it, as long as it gets fixed and I don't have to pay too much.