yup I hv done it u need a tv tuner with composite inputs.Just connect the composite output of ps2 to the composite input of tv.Then connect tv tuner to moniter and speakers.
I have tried this with my PC LCD and Z-5500, ive connected Z-5500 to Optical output of the PS2 and with a LCD TV Tuner, it sucks playing on 22" monitor as the resolution and clarity/contrast are bad... but sound is amazing....