Zedric is correct on the PS2 issue. The PS2 runs on a 300MHz RISC processor with 128bit RISC support processors (this is why some games on the PS2 look like or better than XBox games and some games look like crap).
As for the hacking of the XBox, the XBox was hacked before it was released. People like me who went to E3 the year before it was released with Media passes and stayed after the last day found that out. At E3, the XBox section had only ONE Xbox, and that was the one in the display. After the show ended and Microsoft was packing up, a friend and I noticed that when they opened their cases that had only controllers showing, the cases contained XBox Dev PCs! These PCs were running a modded Windows 2000 that contained a built in XBox emulator. This was why people like IGN and such were complaining about some games giving them BSODs and crashing. Microsoft only gives those systems to developers at a high price. Only one copy of that system was ever released to the public.
It is possible to write an emulator based on the microsoft emulator used at E3, the only problem is that to even achieve the sort of quality that they had, the emulator would need to be embedded into Windows 2000/XP and possibly rewrite the kernel itself (something that isn't possible). However, I have heard of a group that have been trying to extract the OS from the XBox to mod for use on the PC. If they are successful, you would be able to play more than just XBox games on your PC!