It's buggy, it's slow and it will only run a few demos but still a PS2 emulator has been released.
PCSX2 is now available for download from the developer web site (follow the download tab above).
According to the developers "Well I will try to catch up some questions.First of all pcsx2 don't run Ps2 games yet! And of course it is far from doing this.So pcsx2 don't run GT3 get it?:) So what pcsx2 is? pcsx2 is a try to emulate sony's beast.Of course it isn't so easy as it might seems.So far you can consider pcsx2 as a develop tool althought i suggest don't use pcsx2 as a tool for writing your ps2 dev stuff :). Consider the opinion that pcsx2 have bugs and we wrote this emu by reverse enginnering ps2 demos that might have bugs too
Hope you enjoy pcsx2.."
[Edit]Ich empfehle euch den Download aber nicht
weil man (noch) nichts damit anfangen kann.[/Edit]