I'm pretty sure the ROM is ok, as it works in both ePSXe 1.7.0 and psx4droid v2 1.1.2 (never mind the frame rate).
Also with FPse it works if I load the .bin file, just without CDDA.
But if I load the .cue file, it crashes on start.
Below you can find a screenshot of the crash, the .cue file and the logcat output.
The crash happens with any settings. I' running Android 2.2 on a ZTE Blade (ARM11).
http://i.imgur.com/IvPLJ.jpg
http://pastebin.com/X2fZsDWW
http://pastebin.com/KD4DbwDW
Wipeout 2097 is the best Wipeout ever made, one of the best PSX games and has one of the greatest soundtracks ever.
(Not to forget it's a very fond childhood memory of mine

Also I'm sure that fixing this bug might help with other CDDA games.
If there's anything more I can do to motivate you to look into this, please let me know!