Ok, see here:
I installed Free MCBoot 1.7 on my PS2 with SwapMagic and uLaunchElf. I had the FMCB installer copy uLaunchElf, HDLoader, SMS, and ESR onto my memory card and for my DVDELF.BIN I used a 75kb DVDPLU. I did a normal install, everything went fine, however, when I turn on my console again with my memory stuck in it, the screen flashes forever but stays black and does nothing else. I have a SCPH-30001R PS2.
What's a DVDPLU? I installed FMCB about 3 days ago, works great, the first time. I would boot without any other memory sticks plugged in. The program should be on your memory card. It it supposed to boot to a black screen, then show the FMCB logo, then boot to the exploited PS2dashboard. If it flashes a buch of colors, write down the colors, and the order they are in. The guys who wrote it, made it do that as an error check. Tell the programmers about it.
I had the same problem, I did three successful MC with FreeMcBoot that all work perfect. Then I bought some new MC from eBay that were supposed to be genuine SONY 8MB MC but after installing FreeMcBoot all I got was black screen untill I remove the card and restart PS2 I tried 3 time unsuccessfuly to install it on these new MC cards, when I looked closely at the cards the colour of the text on them is much lighter than my original ones and there is Chinese writing on the Sony packet they came in so they must be clones, FreeMcBoot will only work on some good non Sony MemoryCards. So don't give up just make sure you have good MC's.
Hope this helps
Are you using good media? DVD-R (Various GOOD brands) Works best.
I have ONE of the same versions PS2's and for some reason it just stopped working with ESR/FMCB, it plays everything else ok and still works well with the old trigger disc exploit. The disc did the same as you describe, nothing after the flashes. I put the disc in a V10 (50000) and it worked well. Try a different console.