Originally Posted by
skullpoker
Gameshark codes work by changing specific RAM addresses so the short answer is no. They shouldn't effect how your emulator works at all, but on a real console they could cause errors which I only ever witnessed using codes for a different game.
If what you're describing is accurate, it sounds like you have codes for one region and a game from another. If you're game is a PAL (European) version and the codes are for a US (NTSC) game version, that could cause some serious and strange errors, but not crashing your emulator. Or possibly a v1.1 game with v1.0 codes.
Another note, to get PEC working right with ePSXe you have to right-click both programs and Run as administrator. If you don't they won't communicate properly and your codes almost surely will not work.
Also, you may want to look up a compatibility list for your emulator and make sure that game is working. If not, you can come back and ask about different emulators.