I have a PS2 and Gamecube, but don't have X-box, however I have played it quite a bit.
It is definatly the most powerful of the three systems, and has the coolest features such as a built in hardrive and being able to play you're own music during gameplay. Online play is fantastic, better than that on the PS2, although not as many games are online for X-Box and you have to pay a yearly fee for it, while for the PS2, you simply buy the modem and use whatever internet you have. Most third party games get to X-Box eventually, and they are usually a little bit better than the PS2 and Gamecube versions, but you have to wait another year or two most of the time. I would probably give Gamecube an edge over X-Box in terms of quality of games though, simply because of the first party Nintendo games, which in my opinion are the best games out on the market (if you are looking for mostly single player, offline play). Also keep in mind that the X-Box is about $80 more expensive than the GC.
It all depends on what you are looking for, but I would definatly recremend buying a new system.
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