Can you use plywood as roofing?
Plywood absorbs water and is not a sealing material, period. You can use it as base for ruberoid roof, but not as the layer exposed to the rain.

When exposed to rain, wind and sun plywood will cycle through absorbing water and drying out and this will wear out the most outer layer in no time so that it cracks and the damage then proceeds to the next layer of plywood.

In case you want a cheap roof for a tools storage you can cover the plywood with one layer of ruberoid - it will last something like 5-10 years and the plywood can then be reused.