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If there is a PS2 emulator for the XBox then it's certainly possible - however the games would run sooooooo sloooooooowwwwwwwly that they would be unplayable.
For example, my PC (2.4ghz, GeForce4 Ti, 1.5Gb RAM) still cannot run certain PSOne games at full speed when using PSeXe - and I'm sorry but my PC lashes all over XBox in so many ways.
To be honest, I'm yet to hear of a PS2 emulator for the XBox but that doesn't mean it couldn't happen.
- S
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