You only have the video RCA jack? Hmm...I thought most had speakers too.
Colors go to colors. Yellow from your PS2 to Yellow on your monitor. there are also cables you can buy that have svideo on them as well, which is higher quality.
Now this is just video. For audio, I'm not sure what you'd do. If you have a stereo with inputs, you could use this... You could probably find a converter and connect the RCA(red/white) to a regular set of computer speakers...
Desktop: Athlon 64 3700, 1024M RAM, GF 6200 TC 256M, 2x 80G, 2x DVD-RW
Laptop: Sempron 2800, 512M RAM, Unichrome, 60G, DVD-RW
Macintosh:G4 1.33GHz, 512M RAM, Radeon 9200 32M, 40G, DVD/CDRW
They get me from 0 to 1...