No, there won't. It's a different kind of code altogether. You might however get it the other way around at some point. Almost all of the other consoles before the PS2 are emulated nearly perfectly. PC's should be powerful enough to do it soon if not now.
Quite possibly. There are, however, lots and lots of Linux games that will be playable on "PS2 Linux". I'm sure a lot of them will need control modifications, but that shouldn't be too difficult.
From what I've heard PS2 is a Pentium 2 or something with around 200mhz or a little more. The only thing is that it's a little tweaked so it can process information more effectivley.
Another thing I've heard is that there's a programming kit for PS2 in Japan, and that it'll be coming to the US sometime. Once it does, some coders will be able to tell us how to make an emulator for PS2 that'll let you play Windows games