That looks totally insane.  I've always wondered why no one has really tried this before.  I always thought that for the console versions of marvel vs capcom some 4 player support would have been cool.  I don't mean 4 simultaneous players, but it would have been neat to have each of the 4 players control a character, forming a tag team.  
Although I have been trying to resist buying any new consoles, the ps2 keeps on getting more tempting.