I googled but must not be asking for the right answer because no avail.
Just received a P5Q deluxe motherboard from newegg which has one ps/2 port. My current keyboard and mouse are the old style which require 2 ps/2 ports. Do I have to update keyboard/mouse to like a bluetooth setup using a usb port or do I need an adapter?
You can go with bluetooth if you like but a quick trip to allmost any store with computer parts will reveal that USB is standard. Yes, bluetooth is available if you have the capability, want a wireless keyboard or mouse, and feel the need to add more radio waves to the environment. I woulnd't be too quck to throw away the old mouse and keyboard though. I've had several times that an unknown glitch either knocked out my USB header or the drivers didn't load and I needed an old PS2 keyboard to get into the bios or a PS2 mouse to troubleshoot the headers and connections.
To be honest, the older keyboards and mice are pretty much disposable. If it's been that long since you've replaced yours, you'll probably be pleasently surprised with the better feel of some of the newer models of both. It's rare that you would even come across the option but make sure the perephrials are USB 2.