1)you can play ps2 games with it :D
2)you can save them progress with 8mb memory card (that's enough for 150 games)
3)you can play most of the games together with dualshock (you have to buy another dualshock/controller)
4)you can play some games online such as mortal kombat armageddon
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A "chipped" PlayStation 2 is one that has a modchip installed. A modchip is a special chip that adds features to the PlayStation 2 or allows you to bypass certain restrictions, such as playing games from a different region or playing backup copies.
PlayStation x PlayStation 1 PlayStation 2 PlayStation 2 slim PlayStation 3 PlayStation 3 slim Coming soon - PlayStation 4
The Playstation 2 was released in 2000.
No as the PlayStation 3 Blu-Ray discs are too large to fit in the DVD slot on the PlayStation 2, although you can play most PlayStation 2 games on American PlayStation 3's and around 50% of PlayStation 2 games on European PlayStation 3's.
No you can not use PlayStation 2 cord on PlayStation 1