CD-RW and DVD-RW will works starting from v5, but it depends of your laser condition and modchip.
I don't recommend to use any RW media on PS2, since reflectivity is really lower than R medias. Being lower, will force your laser whenever you use this type of media.
Perhaps this will change only on v12 and up, but is still to soon to know.
SCPH-39001 v7 GH-022 NTSC U/C, Matrix Infinity v1.93 (installed by me), HDLoader v0.8c, Network Adapter (with SATA mod), 1TB SATA, SMS v2.9R4, VGA and GameLink 400 cables.
DEV1: uLaunchELF v4.42b / DEV2: CodeBreaker 10.1. Got PSX and PS3 too.
Domain for Sale: www.digitalanime.com.br