1) Pitch in with a few friends and buy this DVD burner.
ANSWER: Might work. All reports so far are with Pioneer DVR-AO3. The thing to check is that PrimoDVD software will run on the DVD-RAM device. This is the proven DVD-R backup program. Note that the DVD-RAM may not treat CDs in a CloneCD compatible way as regards sub-channel data (haven't time to explain that right now)..

2) Get some DVD-RAM discs (which? 2.6g? 4.7? double sided or not?)
ANSWER: You need DVD-Rs not DVD-RAM.

3) Get a mod-chip(this one ) and install them. (How easy is this installation? My dad is a hellova soldierer and my friend's dad is a surgeon, so we'll pick feasibility/usablity over installation =)
ANSWER: The web site says nothing about playing DVD-Rs for this chip. It probably wont. NEO2.2, NEO4 if you can live with 44 wires will play DVD-Rs. I think so will the NEOKEY (SBOX).

4) Rent games, read in DVD-ROM, burn onto discs with DVD-RAM and place into modded ps2.
Or buy games, read in DVD-ROM, burn onto DVD-R and boot with a method appropriate to your modchip.