Rip out the inards, replace with small motherboard, hard disk and wireless network card to have a small media pc hooked up to your TV?
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Jayefuu you may just be right on that one =D
Assuming you really can't sell it for enough to be worth the effort (which I would find a bit surprising) and/or you don't want to do so... One obvious thing to try would be to look at turning it into a more general computer as it stands, by loading Linux onto it: http://en.wikipedia.org/wiki/Linux_for_PlayStation_2
Hm. Looks like the official Linux build may no longer be available. I don't know whether there's an unofficial version. Game-development kits do exist but apparently need another machine to work with them.
Trade it in for store credit at GameStop?
If it's a ps2 it's not to old to sell