No, it won't. It's a European game, which means it not only has a different Region code, but it's also in PAL format. Even if you had a modchipped PS2 to play foreign games, the PAL>NTSC conversion leaves the image in black and white, as I understand it.
Why bother? We've got a nice shiny new demo that's already NTSC (you still need a modchip to play it, though, it's a Japanese release).
Without a modchip, the ONLY demo you can play is the Toyota demo. Because that's the only one that was ever released here in the U.S., and in very limited numbers.
Or, you could just wait for SCEA to get off their asses and release the new demo here in the U.S..
