yes...
0. plug the memory card to Slot 1/A
1. dont put a DVD
2. Turn on PS2
3. Press X (if the brower is selected) , (Otherwise select for updown keys then X)
4. Delete all the data Using O/X (folow the screen instructions)
5. Restart, when you restart is will automatically format the memCard.
I have done this b4, works perfectly for me