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No you could trade it in, but you can not do any updates or add any hardware or software that will allow a PS3 that does not play PS2 games to be able to play PS2 games according the Sony

The PS3s that have 4 USB ports were all made before August 2008 and they are over 3 years old and do not have the lower power consumption of the newer PS3s and run hotter. Many fixes for the yellow light of death like reflowing the soldier are only temporary and your PS2 compatible PS3 could fail as a result of the temporary fix.

The best PS2 compatible PS3s were the 60 GB models with the PS2 emotion engine and there USA Model production was stopped in August 2007 and they are all over 4 years old. The Europe 60 GB model did not have the PS2 emotion Engine and had a partially Software based emulation system similar to the 80 GB USA models with 4 USB ports

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13y ago

What else can I help you with?