A PS2 is what a 500MHz CPU? (it is 32 bit not 128, some 128 extensions same as x86 and PPC). The graphics engine is massively parallel. Whereas it is theoretically more powerfull then PC graphic accelerators it does not work out so in practice. Fewer, more powerfull graphics processors smoke the PS2 in practice (e.g. everything newer then a GEForce2).
Saddam would be better off buying barebones PCs.
Massively parrallel programming is not for the faint of heart.
From a link above, it looks like the PS2 is 294 MHz. I don't know about programming parrallel, but do know what a pain in the ass it is to keep up multile nodes acting as one..If the app is not "predecitive", a bloody mess can be left at your feet.