Throw your PS2 in the bin!
(sorry, couldn't resist
)
I dunno, I'm yet to be convinced of the XBox's superiority; Modding-wise, I know the XBox kicks ass, but I've been playing Burnout3 on it (which I already played to death on PS2) and although it looks identical on XBox, it plays a lot better on PS2 (collision detection and enemy AI aren't as accurate on XBox), and after two hours the stupid XBox controller has given me wankers cramp in both wrists!
Anyway, not to turn this into a battle-of-the-consoles thread;
It looks like I'll end up getting one of those optical switches Nyrine suggested and a manual rca switch for the component video. I thought there might be something out there that could switch both, but all I can find are those $80 remote controll switch boxes.
Looks like I'll need to get another cable for the XBox too, since it doesn't have indiviual optical-out.