Don't know how much better the XBOX version is, but I got a used PS2 copy and it works just fine.
Yeah, Ice-T's a badass. I had to play for hours in frustration to beat him, and even then I was just lucky enough to clock him with a lead pipe. Trejo's okay I guess, but the subway level you eventually fight him in is even better. Most of the time I just run up the wall until he gets stunned silly, then toss him onto the tracks, point, and laugh.