Ok, perfect. I also wanted to correct myself with what I said about the DMS Format Tool. It can't be used to format a HDD, instead it's used to manage PS2 HDD Partitions.
You did say you have a chipped PS2, so what chip do you have? If your chip can boot in DEV1 or DEV2 mode, then you can transfer your BOOT.ELF to the Memory Card (DEV1) or the HDD (DEV2) using an exploit installer cd created with
Independence Compiler v4.1, which you can get
here.
Personally, I just run uLaunchELF off my memory card, but you can also run it off the HDD. You can also run it off a CD with a mod-chip or swap method, just read
this post and thread to get more info on how to create a bootable cd. You can get the
CDGENPS2 v3.0 and
Dummy File software
here.
This post explains the difference between BOOT.ELF and BOOTc.ELF, with some other helpful info. Basically, BOOTc.ELF is just a compressed version of BOOT.ELF. The reason they still include the BOOT.ELF file isn't completely clear to me and I couldn't find the post I read about why. So just use the BOOTc.ELF, and rename it to BOOT.ELF (uppercase) if you ever plan on running it off your memory card, or rename it to boot.elf (lowercase) if you plan on running it off your HDD.
EDIT: I apologize if anything I said sounds confusing. I was trying to figure out the difference between creating a
bootable cd and creating the
exploit installer cd, while writing this post, since they are not the same thing.