Simply if it was possible for PS3, Sony would have done it already. They included Emotion Engine in some of their fat models, that pretty much explains that software emulation was not an option also there is some talk of Sony releasing hardware extenders for PS3 to emulate PS2 for fat and slim models, this alone explains that even Sony can not do this.
The problem is that the power PS3 is ridiculously exaggerated by the PS3 fans.

