The PS2 Independence Exploit opens up the possibility for running homebrew programs on an unmodified Playstation 2. It relies on creating a deliberately incorrect entry inside the TITLE.DB file (which the PS2 normally uses as a simple database of special options to apply to specific old PS1 games for their correct operation) that triggers a buffer overflow and, combined with a small stub loader located inside the file, allows the running of unencrypted code from the PS2 memory card upon the insertion of a specific PS1 game. Normally, only Sony-encrypted programs (such as the DVD player) will run from the memory card.
The TITLE.DB file is located under the directory BxDATA-SYSTEM, where x is the letter corresponding to the region the PS2 was sold on (i.e., BEDATA-SYSTEM for a European PS2).
The discovery of this vulnerability in the PS2's software opens up the possibility of running programs created by the PS2 homebrew developer community without the need for a modchip or CD-ROM swapping techniques. The exploit does require a way of installing the modified files, which may be copied onto a memory card using another PS2 (either modified or with the exploit installed), a memory card reader/writer, or using a CD-ROM swap technique.
External links
PS2 Independence exploit homepage
PS2 developer community