PCSX2 is a PlayStation 2 emulator for Windows and Linux, started by the same team that brought you PCSX (a Sony PlayStation 1 emulator).
The PCSX2 project attempts to allow PS2 code to be executed on your computer, thus meaning you can put a PS2 DVD or CD into your computers drive, and boot it up!
The project has been running for a little over four years now, and since it's initial release has grown in compatibility. From initially just being able to run a few public domain demos, it's current state enables many games to boot and actually go in game, such as the 'famous' Final Fantasy X or Devil May Cry 3.
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Ok, I was hoping someone would embark on making this baby portable, as I take it, it's not portable. It does write some settings to an ini file but I have a gut feeling this is writing some settings in a non portable manner, requires admin priveleges? maybe even requires driver installion? who knows until some one tests it out!
I have tried it and it runs ok (needs a ps2 bios though). although really really slow for me. besides that how freaking cool is it to play atari, n64, and ps2 games right on your computer.
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It is GPL'ed
Its also being currently worked on by members of the gaming community. though the stability of PCSX2 has been quite dim in my experience.
From what i have read there are a few .dll's that are required for PCSX 1 or 2 to work. This complicates things a great deal.
It crashed on my one of computers that runs Vista - Home Premium (No Service packs). I don't know, maybe I just had the wrong settings.
that is atypical of my attempts of using it. i haven't figured out why it doesn't work for me.