What's the best way to play my consoles on my computer?

I really want to be able to play my xbox 360 and PS2 on my computer monitor, because I don't have a TV.

Right now I have a Apetec Gamebridge, which works, but has terrible video quality and stretches sounds. I've tried looking at various VGA boxes and TV tuners(is there a video card that would let me do it?), but I'm really nervous about what would work. I don't want to drop a bunch of money without some serious guidance.

I have the component cable for my 360, so I'd REALLY love something that would supporst that, but standard definition would be awesome if as long as the picture quality is a lot better than my gamebridge.

Here's my PC specs:

Windows XP home
19" LCD monitor 5ms
Intel Conroe E6600
2 GB DDR2 RAM
Nvidia GeForce 6600(plan on upgrading)
Creative Sound Blaster SB0570 Audigy Sound Card
250GB HDD
8 USB 2.0 ports (5 open)
2 open PCI slots

Tell me what I can do! I need help.
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