Today I found out how to solve this ePSXe problem:
* Running ePSXe emulator version 1.6.0.
* Memory handlers init.
* ePSXe: PSX BIOS loaded [/usr/local/games/epsxe/bios//SCPH1001.BIN].
* Init internal cdrom ... ok
CD read toc header failed (25)
* First/Last track: 7 2
* Track 1: CD get track start failed (25)
(AUDIO) - Start 0: (00,00,00)
* Track 2: CD get track start failed (25)
(AUDIO) - Start 1: (00,00,00)
CD(0,2,16) read ioctl failed (25)
CD(179,7,10) read ioctl failed (25)
CD(179,7,11) read ioctl failed (25)
* NTSC cdrom detected.
* Init gpu[0][libgpuPeteXGL2.so.2.0.8]
ATI Technologies Inc.
ATI RADEON 9600 Series
* Open gpu[0]
* Init spu[0][libspuPeopsOSS.so.1.0.9]
C
Sound device not available!
* Open spu[0]
CD(0,2,16) read ioctl failed (25)
CD(0,2,0) read ioctl failed (25)
Simply change the CD directory in the configs to /dev/cdrom - /media/cdrom does not work.