Yes. You`ll need to get your PS2 "chipped", of course - I presume you knew that! - but once you`ve done so, it`s very easy to make backups of both DVD and CD-based PS2 games. There`s loads of software that will do the job, but I personally prefer DVD Decrypter for DVD games and CDRWin for CD games.
The only thing I`d mention with respect to DVD-based games is that older PS2s don`t like DVD+Rs or cheap DVD-Rs (e.g. Bulkpaq) very much. If you have a DVD-R burner, and use decent quality blanks, you should be fine.
Mike