The disc is probably scratched. Nothing wrong with the PS2, it's the poorly looked after disk.

Moral of the story: Get a PS3.

ps3! whoop whoop

I don't know how the PS2 works, but when my xbox got that error it was because the laser (that reads the disc) died out and was shifted out of place. In which case I had to send it in and get it replaced.

Again, don't know if the PS2 works the same way, but that's all I can think of.

How to Fix the PS2 "Disk Read Error"

yeah its the CD
try cleaning it with tooth paste. or get a fresh copy
you could also get technical and MOD your ps2 so you can download and play burned disks
thats how my system runs

Its important that i /care

Open it up and clean it out