I have bought the Nividia GeForce 2 Personal Cinema in Compusa accidentally a year ago. It is hard to find the one in retailer now. I dont even know why I bought it. When that was just my history, I am going to solve your problem here:
I am using my GeForce 2 PC (this is the video card I bought it Compusa, I will use GF2 below) as my video capture card. It can watch TV, plug in composite or s-video to capture video ( including voice of course). It is not too hard to setup under Windows xp, you just download a driver from Nvidia and use the software called "Windvr" to do the recording video stuff. And the Windvr can act as a TV which you can watch real-time tv show and plug in different cable (s-video or composite) to display stuff. So you simply just plug in the S-video or composite cable from the PS2 to the hub and you are on the money. Although it is real time motion, I dont think the graphic is as good as a real TV, but for capturing still images or creating cut-scene from the game would be an ideal way to use the capture card. Whether you are using a LCD monitor or not doesnt really matter (which I would not recommand you to do so if you have a TV already. The reason I use the PC monitor to play my PS2 is because I have to use an antenna connector to connect the PS2 to the TV, so the graphic would be suxer than my GF2.
At this time, I would recommand you to buy the Raden AIW 9700 after they cut the retail price of AIW 9800 since AIW series are orginally designed for multimedia use and the Nvidia Personal Cinema are just for competing this ATI Series.
Hope that help
BTW dont be stuipd and waste all your money to do this unless you have a good reason for yourself