Your choice of ps2 over xbox based on game availability is correct 
and yes the fan is loud it will quiet with time 
ps2 can play ps1 game which iirc ='s 700+ games made for u.s market 1100+ games made for european ,asian market 
you will need a mod chip to play the non u.s. games 
also ps2 titles now range around 400 for u.s. versions 
one word of advice unless your fully prepared to take on all maintenance and repair your self do not add a mod chip even a solderless one 
currently sony repairs all ps2 optical/laser problems for free 
because of a flaw in the laser alignment system 
which ill cause your ps2 to stop playing or play intermittently after about 2000 hours of use 
I just had mine repaired too much smoking of the ganja and ciggarettes gummed up my laser assembly