The exploit is currently limited to very specific versions of the PS2's DVD player firmware (as of press time, firmwares 3.10 and 3.11, when set to 'English') found in later editions of the console and won't work in earlier systems. Building on previous PS2 homebrew efforts like uLaunchELF, it's relatively simple to use that DVD-R to load homebrew software or even full copies of otherwise copy-protected PS2 games.
That code can then tell the system to load an ELF file written to a burned DVD-R in the system. Further Reading Modder arrest a reminder that most console hacks are illegalSending carefully formatted data to that function causes a buffer overflow that in turn triggers another badly written function to tell the system to jump to an area of memory with arbitrary, attacker-written code.