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Don't know what a PS2 is, but I suppose it's a DVD or laserdisk player. Yes, you ought to be able to take its opto out, and put it into your soundcard's opto in; both should be running the consumer "S/PDIF" protocol.
From there, it rather depends on whether your soundcard can provide a full-duplex monitoring function that lets you simultaneously play back as output, what it's seeing on input. Not all soundcards can do that, but one that's advanced enough to provide opto inputs might.
Your best bet is simply to hook it up and try it. Nice thing is, you can't blow anything out when you use opto. I got a couple 5m Toslink opto cables mailorder from Santa Barbara Audio 3 years back, they're flimsy but they work. Radio Shack also has Toslink cables and they have a website.
-clintfan
From there, it rather depends on whether your soundcard can provide a full-duplex monitoring function that lets you simultaneously play back as output, what it's seeing on input. Not all soundcards can do that, but one that's advanced enough to provide opto inputs might.
Your best bet is simply to hook it up and try it. Nice thing is, you can't blow anything out when you use opto. I got a couple 5m Toslink opto cables mailorder from Santa Barbara Audio 3 years back, they're flimsy but they work. Radio Shack also has Toslink cables and they have a website.
-clintfan