Gaming

This would play just fine in a snap-in (like a Discman) or tray loading CD player. It might give slot loaders some trouble but it looks like it still describes most of a 120mm circle so it would probably work fine in those as well.

For audio playback. At 1x speed.

The real problem with these novelty shaped disks is when you stick them in a fast PC CD-ROM drive, they're usually badly unbalanced and when your drive dutifully tries to spin them at 8,000, 15,000, or 20,000 RPM when it indexes the disk or when someone tries to copy it -- not outside the realm of possibility for a commodity 40x drive -- the disk will warp and vibrate like crazy and in some cases eventually crack and then outright explode inside the drive.

I once had to disassemble somebody's drive and tweezer out the sparkly bits of a Ranma 1/2 CD that I discovered, when rearranging the pieces back together on the workbench like a jigsaw puzzle, was one of these damn novelty disks that was shaped like Ranma-chan's head. The largest fragment left over was smaller than a dime, and surprisingly the drive still worked after I unjammed it and got all of the glitter out of it ultimately using compressed air.

These were uncommon, but not unheard of. For instance, Metallica also infamously released this fucking thing:

...Which actually was balanced, but only until your garden variety careless owner snapped the very tip off of one of the points.