@ VivaLaWiida)
I won't say it's impossible, but from a technical point of view it's atleast difficult, because the old Graphics Synthesizer (the PS2 GPU) has embedded ram (with ultra fast bandwith and an enormous frame buffer size), while the Reality Synthesizer (PS3 GPU) doesn't. This is a spec in which the GSX is actually far more advanced than the RSX.
But to emulate games you'll normally need atleast 10x the specs of the hw you want to emulate, if the architecture is different. (while for example the Wii has the same architecture as the GC and hence can emulate it's games even if it doesn't have thaat much better specs)
Games that don't make use of this spec can be emulated (actually all the SingStar PS2 games already run on _every_ PS3), but I expect about every other game to use it for the processing power of the GSX is extremely weak, so this ram and frame buffer advantage actually is the only way to push acceptable-> good graphics with the GSX.