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Your PS2 is probably experiencing a short circuit on the motherboard or the Emotion Engine is burned up. Sometimes the fan goes dead and the PS2 overheats and shuts down showing the red light. You can open the PS2 and clean up the motherboard and maybe it will recover.
It's either a faulty power-pack (the boxy thing that is between the unit and the wall) or it's in the unit itself. If you know someone else who has one see if you can borrow their power-pack and try your unit on it. If the problem persists with the other AC unit then it is on the motherboard and will be likely unrepairable.
try to hold the red button & see if it works.
if not then turn the ps2 off & try again.
if it doesnt work then look for a nearby ps2 repair shop. dont go reparing over 90 pounds when you can get a new one.
hope for the best, eh.