There are a few PS2 translations http://www.romhacking.net/?genre=&platform=18&status=&languageid=12&perpage=20&page=translations&transsearch=Go&title=&author= , a few more hacks (mainly in the fighting game side of things) and several groups doing audio and art rips but as Magsor said PS2 hacking is nowhere near as popular as the likes of the nintendo handhelds and 16 bit and prior consoles or possibly even the original xbox (although with the possible exception of Shin Megami Tensei: NINE, Metal Wolf Chaos (if only because it was made by the same people that made demon's/dark souls), possibly exaskeleton and maybe N.U.D.E. there is nothing really to translate on the original xbox that I can think of unless you really want to scrape the barrel).
However we are now starting to see PS2 emulators get pretty good and again as Magsor hinted at a good chunk of hacking (especially of filesystem based devices when you can pull a file format apart) transfers quite well across systems. Personally I would say some of the handheld ones are more in need of translation (or retranslation) than the home console ones at this point.
