This is either going to horrify or make you laugh hysterically, which 99 times out of a hundred is the highest praise I can heap on something. Don't know much about it other than the guy who made it did some work on South Park, and this was done as a pilot for either MTV or Comedy Central.
WARNING: Not dial-up friendly. It's like 23 mb., but SOOO worth it.
The only problem you may run into when it comes to watching movies with this setup, besides the ps2 not playing some movies (not many, but some), is the macrovision copy protection, which has already been mentioned.