The lag will make a gamer scream.
Look to PC-Card devices such as a TV-Tuner.
Bob
Is there any way for me to connect my Playstation 2 to my laptop and just use my laptop like a tv screen? The playstation uses your standard 3-pronged audio/video output plugs (the red, white, and yellow ones) and I have a Dell 700m laptop. Any ideas?

Chowhound
Comic Vine
GameFAQs
GameSpot
Giant Bomb
TechRepublic