Well,big things starts from little rubble.From your post I think you have no/less programming knowledge.Do not worry.But I must ask you to consider one thing.Do not hope to build a ps2 game for pcsx2.Rather build a PC game.
Livy pretty much said why you should not dive into ps2.
To be a PC game developer.You will need,
1.Unity3D game engine
2.Art packages like maya or max or blender and such.
3.Sculpting package like Zbrush(if your game will be next-gen or such.It is just $800;pick it up when you are serious)
4.For sound you might need "finale"(probability is one in ten billion
So basically you need a game engine like unity3d and a art package.
The knowledge you will need.
3.3D Modeling(polygonal and nurb)
4.Hard surface and organic Sculpting(if you need AAA)
7.Figure drawing and concept art
8.Music theory(again probability is one in ten billion
What do you do in game industry?
First we think(meditate if you prefer) of our feelings(love,hate,animosity,envy,Vengeance,etc sort of stuffs). Then we build a consistent story based on our feelings.We are very careful in this stage.Think that our game will be a single player game.So story needs to be circled around him/her.You know writing novel,thats the proper word.It is a continuous process.you check and recheck.By the end of this process,you have a great story to tell.Now you need to tell the story.No no do not tell others.Just write down in diary.Build screenplay.What I meant is:suppose your hero/-ine are going to kill a bastard.You should visualize the whole process in your heart.Close your eyes and think that you are seeing whole killing thing in a giant television.What you see?Write it down so that everyone who read it,get same feeling as you have felt just now.It is called screenwriting.You story will only contain "he killed "x"" but you screenwriting will contain probably ten line to explain.So by doing everything above,we get a nice juicy story with a juicy screenplay.It is not mandatory to finish story,but recommended.
Story is complete,what is next?
You need to draw the environment/characters/weapon(that we write in story-screenplay) etc in plain paper.The advantages is:suppose your team is made with 10 people,you need to translate your feeling towards them.Drawing is excellent medium.The most important is,you need reference images to model things within 3D packages(unless I think you are so good at modeling that you can make things alive just from your memory!!!
). For future,you might forget the feelings you just got.So drawing in paper is handy for further recall.This stage is called concept art building.Concept art need not to be clear.Often they are so obscure.
You have a great story-screenplay-concept art
Design the gameplay.We think about game logic here.A logic for example "if you fall in height greater than 10 feet,you will die", "hiting in a particular position on enemy will cause its death" etc.Take a closer look and take a birds eye view of gameplay.What I mean is:you need to thing in both micro and macro scale.Gameplay logic done.
Now you need to design the level.Prepare a simplified plan view and action line,sheets where arena represents a simple disk,road represent a simple line,planet represent a circle etc.At this stage you will know that what type of(and how many) 3D things you need to build.
You need to build 3D assets now.
We take reference images.Then we build base shapes for environment/weapons/character etc.Then we import those meshes into sculpting packages like zbrush.Then we sculpt them.There two type of sculpting.
Hard surface sculpting is for building environment/weapons and organic modeling is for building characters.Hard surface modeling is quite easy.You need to focus on how things generate.Look at real world examples and think.think and think.For example:if we rotate a straight line around its middle point we get a solid disk.if we pull faces of disk in the direction above,cylinder formed.On the other hand,organic sculpting is quite challenging.You need to know human anatomy,flow of muscles etc.So thats the simplified story of sculpting.
You sculpted mesh will have millions of polygons.That is not good.You need to reduce it down.So what we do now? we create similar object(taking high poly mesh as reference) with same silhouette.This process is called re-topology.
Same silhouette is not necessary if you go for displacement mapping(and I do not think you want displacement map except for parallax mapping).So we have nice juicy high poly mesh and low poly dull mesh.
Create UV of low poly model in 3D package's UV editor or use external application.Save this low poly mesh.
Your UV need to be smart not stupid.Use UV space wisely.This step is called uv mapping.
Then we bake all the details of high poly mesh onto low poly mesh in form of 2D images.These are normal map,displacement map,flow map,cavity map,AO map etc.This step is called baking.
Bring you UV snapshot onto photoshop or gimp.You need to paint while keeping uv snapshot as reference.Make layers,add adjustment layer,do all photoshop tricks you know to get maximum result.Somtimes you might modify normal map,displacement map,flow map,cavity map,AO map etc within photoshop or gimp.But thats not common case.I did not need so far.Sometimes you might want to generate normal map from your painted color/diffuse map within photoshop with nvidia's normal map filter.This process is called "UV painting to get maps(mainly diffuse map)".
Oh,I forget one thing.When you sculpt,you can directly paint onto high poly mesh.It is called polypainting.If you use zbrush as sculpting software,you should exploit zapplink and projection master to get maximum benefit out of polypainting.Polypainted data can be saved in a vertex(each vertex contains a RGBA value) color map,if you bake through xnormal.
Huh,there your 3D assets.What is your 3D assets?
1.Low poly mesh
Now run unity3d and import'em.All of them.
Then you will need to program them so they behave exactly what you had expected in gameplay design phase.With Unity,you do not need programming unless,
1.you want some effects that can only be done with opengl/directx/cgfx code
2.you need to build a plugin or tools
3.you use scaleform
Rather you need to know scripting.Go to here
P.S. I did not cover VFX above that.