Probably not. I have not heard such a thing for the PS2. I have however, heard its possible (and easier) on an X-box, but I dont own one, so I cant say for sure. Its just better to stick to it on a computer, PSP, or play the original cartridge.
Yeah my friend has his PS2 Modded to play Roms and ISOs. Also has a WD Hard drive (Not the crappy PS2 HD) installed. I would do it if I wasnt so lazy, but I can play roms on my PSP or PC (Which has a 21in monitor and a controller) so I didn't bother.