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get a USB to RCA connector (pc world sell them) connect up the RCA connectors on the PS2 to the convertor. Install something like K!TV (kastortv.org), select composite and hey presto... should work.
I have a similar setup on my desktop pc but with an xbox, i use a tv card though.
must have a box of tricks in the cable then as im not sure how the hell you would get analogue component data into a digital port thats not designed as a video input like that
i have no idea on the technicalities of it all, can assure you it works though!
I have the standard xbox RCA cable with the video plugged straight into the RCA on the tv card and then the audio goes into a soundblaster card via a 3.5mm jack.
I've done the same for my brother with his gamecube on his pc.
The USB to RCA i have seen are designed for connecting a camcorder up to your pc but should still work. I think they are about £35