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If you're getting the RSOD (red screen of death) it's because of the known compatibility issues between the PS2 and the SharkPort/GameShark software. I used to work for Interact (now defunct) and this was resolved by a newer version of the disc. However Sony continued to put out a different version of the PS2 which had the same issue.
The best way to combat this is by simplying obtaining a GameShark v2 disc. It actually contains the SharkPort software and the Mem Card Manager software (for loading the 3rd party mem cards) all one disc. I believe the v3 software has the same features.