Normal OF no. Bin/Cue version, yes. There are details somewhere on here (just seek and ye shall find) never done it myself so can't help. Sorry.
Best bet is Max... i have one sat on the shelf in my living room. Completely fecking useless as i traded my PS2's for a PS3 last march...:doh:
Edit: sorry mate, maxdrive is software on a disc that you can use to crush/uncrush files in PS compatable format. Google it, or check out the CodeJunkies website for more info.