The SharkDrive was never released, and also that's a photo of an iOmega ZIP 100 drive (in particular, the USB variant). I guess originally they were planning on releasing a disk drive expansion similar to the Datel Memory Disk Drive, but it never came to fruition, as it would've likely been too expensive to produce and that most people have moved onto CD-R's.
Action Replay MAX on the other hand, inside the IRX files, the USB driver contains mentions of iOmega ZIP, so it is most likely compatible with the USB ZIP drive; however, I personally never tried using it on my PS2, but it should work just like any ordinary removable disk. Don't expect it to read any faster though beyond USB 1.1 standards.