hey jim! as of now the trend on PC gaming has come up to the point Wherein Single cores, AGPs, and low end power supplies are being phased out. Well, i do have some suggestions for you, hope this will help ^^
Be sure to get a Multi Core processor (will call it PROCIES from here) IE: Pentium dual core, Intel Core 2 Duo, Intel Core 2 Quad (OMFG for the price!!!), or for AMD, get a Barcelona (its the same as Core 2 quad, im not sure if they are already out on the market though)
Next thing to consider is the motherboard (will call it MoBo). We have so many things to choose from, SLIs or Crossfires (technology which uses 2 video cards), overclocking (a processed where in you would increase the Frequency speed of ur procie), memory bus speed ETC. My suggestion for ur Mobo is make sure that it would fit ur needs, not to expensive but not that cheap, and make sure it would be future proof (Never get AGP boards, they suck =P)
Next stop, memory. Although not to good regarding memory, be sure to get a memory that has a lifetime warranty, and good clock response. Most cases, this is where "Bottlenecking" occurs, wherein it constricts the performance of the system or network (from wikipedia)
Now, for my favorite part, Video Cards!! (referred to as VC).. basically its more complicated than it looks from here. There are so many VCs out there that offers crisp graphics for a whoooping price. Not very familiar with this either but let me try to give u a rig that will fit ur needs ^^
Since ur an Online Gamer and u already own a PS2 (Which i dont have and it sucks a lot XD) here are some suggestions for ur rig:
Procie: Core 2 Duo E6550 2.33Ghz Estimated Price: 8,000
MotherBoard: Abit IP35 Line Estimated Price: 6k-10k
Video Card: NVIDIA 8600 GTS Estimated Price: 6k-9k
Memory: Team Xtreem 2x1gb Estimated Price: 5,500
Power Supply: HEC 550W AB Estimated Price: 3,600
Casing: ANY CASING WOULD DO
LCD monitor: Price Range: 8,000 - 15,500
With this setup, i believe you would be able to play all online games without any problems.
If you notice i included Mobos and VCs with price range. That will depend on u if u plan on OCing ur rig (which i plan on doing =P) but, f u can remember, i smoked my rig when i ocd it XD
VCs, MoBos, and Procies given can be run on stock and will still give u that crisp, graphic rendering for ur gaming pleasure ^^
Hope this help dude !! keep on rocking!!! \m/ (~_0)