Ankit i agree you have a very valid point and so is mine. Dedicated machines are definately going to be much better at their job than a mult-tasking machine. But you have to understand that the computer actually gives you infinite opportunites. It might make it expensive to make it play songs better, games faster and so on so forth but then the options are limitless...
Now the original topic here is don't go for a graphic card which is high end but go in for a Ps2. Well you are both right and wrong !!
I say this is a catch 22 situation where no one is right or wrong........A guy hwo owns a computer spends on a graphics card and can use its capabilites for anything from gaming to applications to video editing to many other things all integrated in the same machine.
For ps 2 the options wil be limited to gaming, ok so now you can watch dvd's etc as well but at the end of the day it is still only best for gaming. Also eventually the PS2 will also be replaced by a better and brilliant PS3........so then you go over and buy new games since you will not be able to play the ps2 ones on that.