Hmm.. I have to wonder if the problem may be the router. I haven't used a NetGear either but I have heard some mixed reviews for them.
If you have a different ethernet cable around you might want to switch that first to make sure it isn't the cable's doing.
If that doesn't change anything it might be worth trying hooking the modem directly to the PS2 through the ethernet cable and bypass the router altogether just as a test. You will probably have to adjust some connection settings on the PS2 for this such as a log-in if needed.