Here's the thing: If you want to run the exploit the key ingredient is to be able to put a certain file on your memory card.
Originally Posted by infiltrate
The reason it says that you need a cheat device or somebody that has a modded ps2 is precisely because of that reason, a cheat device allows you to put that certain required file on your memory card, as does a friend with a modded ps2.
I jumped into this the same way you are, completely new and I had no idea what I was doing but I read up and decided the easiest way for me to get my ps2 running the exploit was to use a product called HDLoader (or HDAdvance, though I prefer HDL), but from what I've heard recently the makers of HDLoader are coming under fire from Sony (again) and finding HDLoader may prove difficult, so you may want to look into getting action replay or some other cheat device.
Hope I was of some help
Ver. 3 NTSC independence exploited ps2, 120 gig WD HDD, HDLoader .8c, Ulaunchelf 4.04, Blackrhino linux on WD 40 gig HDD