Free MC BOOT 1.5 I am a nooby

Hi guys I have just spent the last 3 hours reading posts on this site and I still could not find the answer to my question, am I right to assume that If I manage to successfully install FMCB v1.5 with all the right settings to my ps2 memory card (using ps2 to usb adapter on my pc)

I will then be able to run backup ps1 and ps2 games without any modchip or swap magic or any changing discs ?

is this true?

also what is ESR ?

Does this mean on my old fat ps2 with a broken laser I could boot games from my usb hard drive that I had previously installed using usb extreme ?

Since your PS2 has a dead laser, I would suggest borrowing a friend's system (with a working laser) and place your memory card in it and use one of the following methods to boot the installer in this link:
http://bootleg.sksapps.com/tutorials/fmcb/

Once done, you can use either USB Advance or even HDL if you so choose to. (I would stick with HDL personally.)

Now ESR is a program that allows the user to patch a disc image and then burn it, and boot the backup in a system without swapmagic or a mod chip. But since your laser is dead, it's more or less moot on yours.