Follow the below steps
1: CodeBreaker v9.2 ( Download )
2: UlaunchELF in cbs format (Download)
3: Latest FMCB
4. USB Flash Drive.
Step 1: Put the FMCB files and the UlaunchELF in the USB Stick. Don't put the pelican.bin on there yet.
Step 2: Start up your PS2 and put in the USB Stick and CodeBreaker
Step 3: Once booted select 'Device Manager' and then go to the USB icon.
Step 4: You should see 'UlaunchELF' file. Check the little circle by it and press X to select it. Then press Triangle and select 'Copy' and copy it to where you have your PS2 Memory Card inserted.
Step 5: Go back to the main menu and take out your USB Stick and put the 'pelican.bin' file I talk about earlier and put it back in the PS2.
Step 6: Restart your PS2 and it should boot up to SMS
Step 7: Press Start to bring up the menu
Step 8: Go to 'Browser settings'
Step 9: Go to 'Exit to' and keep pressing X till you get 'mc0:/BOOT/BOOT.ELF'
Step 10: Press Triangle to bring your self back to the menu and go back to 'Exit to', it should launch UlaunchELF
Step 11: ulanuchelf will start up, press O to go into the FileBrowser menu.
Step 12: Select mass, that is your USB.
Step 13: Select FREE_MCBOOT.ELF on the next screen and the installer will start. Install FMCB from there.