Better idea...let's raise the bar a bit and hack the Dreamcast!
There's a bit of a fallout on the PS2,especially with the lame control software and cheezy performance of the DVD hardware. On the other hand, the Dreamcast seems to be getting more respect now that the PS2 is out (again - I dont' want to argue this stuff) and the native PC hardware spec should make it easier to hack it. Plus it's cheaper to get into, already Internet ready, and more readily available...seems like a natural to me!
The first options I'd suggest would be expanding the RAM, updating the drive to handle DVD or possibly create a high-speed connection to the net.