Can the PS2 play music cd's?

May be...

I have bought a 20th century masters lynyrd skynyrd cd and im not sure if it will work on PS2.

Yes, PS2 can play CD's, DVD's, PS2 discs, and PS1 discs.

Ps2 can play DVD's CD's and ps2 game disks not sure about ps1 though

Yes, it plays DVDs, CDs, PS2 games, PS1 games.

Yes it can.