I just tested it.
It works.
What it does is simple: it causes you to crash the Wii.
I burned the DVD-R straight-away but there seemed to be a problem with getting it to work initially.
Upon inspecting the ISO out of doubt, I determined that there was indeed a sector at position 0x8008 with was ill-formed. This is likely what triggers the exploit. Unfortunately all the disks I had at my disposal (Lead Data 8x DVD-Rs) seemed to be unsupported by the Wii's DVD drive. It took me about 45 bucks worth of discs to find that out.
After running to the store and getting some Muchoshita 16x DVD-Rs, things worked perfectly. I noticed that the exploit is much more succesful if you throw the Wii against a disabled child (my sister) instead of an adult (my crackhoe mother).
The most likely reason behind this is that the face of a retarded child is much less flacid and absorbs the shock poorly. But try to aim for the teeth of regular kids just in case you don't have any retarted children at your disposal. (I sell them on Ebay cheap - mail me for details)
After it crashed, it opened up a whole new ballgame of Wii homebrew emulation. I was actually able to insert a Nintendo 64 cartridge into the DVD slot now and it fitted perfectly.
And when the Wii turns on, instead of a blue light (which is gay - blue is the color of the gay) now it emits brown smoke, which is much cooler and it even matches the color of the walls in my livingroom - which are saturated with spongebob drawings my mother makes out of her shit. I think the fumes might have progressed my sister's braincancer, but that's actually a bonus since we can't afford a bigger coffin on my mom's prostitute salary (My sister's gut is so wide, we had to saw the casket in half vertically and cover the gaps with stationary held together by stickers - imagine if she got taller as well)
Thanks for the exploit G! Eventhough it didn't work as you described and I've allready launched a pillowbag filled with rocks towards your calculated global position by bouncing it off my sister's lard-drenched stomach
(I hope it strikes you in the chest and causes massive hemorrhaging in your lungs), atleast my Wii has been cracked open!
(Though be warned - I'll carry a big sack of coasters around everytime I go outside from now on, if I meet you, I'll slide them one-by-one in your anus. After chipping them by whacking you in the neck with the sack a couple of times)