I find it funny how people come here and say that PS2 emulation is possible just like that:
A common misconception regarding PCSX2 is that a processor with a relatively high clock speed, such as a Pentium 4 or Athlon XP (the former with clock speeds as high as 3.8 GHz), should easily be able to emulate PS2 games at full speed. The PS2 has several processing units including a MIPS R5900 chip, MIPS R3000A chip, two custom vector units, and graphics chip (Graphics Synthesizer). With the exception of the MIPS R5900 (clocked at 294.912 MHz) and the MIPS R3000A (clocked at 36.864 MHz, selectable to 33.8688 MHz for PlayStation (1) emulation), all other chips run at the bus speed of 147 MHz. There are several reasons which make emulation of the PS2 on a PC extremely difficult. Architectural differences between an x86-based PC and the PS2 are substantial; emulating multiple chips running in parallel on a single-core processor is quite complex. Taking advantage of dual core processors on PCs is even harder due to the tight synchronization between the PS2 chips
Basically, an emulator usually ignores the graphics chip on a PC, and runs everything on a single core. Furthermore, a single core 32bit chip on a PC can run more instructions in parallel than a single core ARM chip. Basically, to have the emulation capabilities of a single core PC, you need to have a dual core phone. Then you have to consider than a single core PC can't even emulate PS2 properly.