I want to connect my PS2 up to it without getting too much lag, it doesn't have to be perfect since I don't play many fighters, but a minimal amount would be best so action games aren't rendered unplayable.
I saw the XRGB mini, and $500 is just too much. Even $200 would be stretching it.
So, what's a good cheap alternative? Picture quality and stuff doesn't have to be amazing, and scanlines I don't mind. I live in Australia, so I have a PAL PS2, just with composite cables.
Also, I wouldn't mind hooking up my Wii if it's easy enough, but PS2 is my main priority.
Thanks in advance.

Edit: Oh and how would audio work?