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You can only connect one device at a time to the modem with the standard service. Thus you can use either the ethernet, or the USB connection, but not both and the other one has to be unplugged. When changin any devices connected tothe modem, you must reboot the modem (power off and then on) so it sees the changed device. When we talk of device we mean PC, game console or router.
I don't have a PS2 so don't know the full ins and outs, but if you want to avoid swapping connections all the time you either need to use a router between your modem and PC/console, or perhaps you could do internet connection sharing (PC connected direct to modem, console connected to PC).
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Thread moved to networking