HDD Loader + PStwo = ???

So I'm getting a slim PStwo for christmas and was thinking of uh backing up my games to a USB HDD and running them off that.

Am I correct in understanding that all I need is a USB hard-drive and a purchased copy of USB eXtreme to accomplish this?

I think he just means the old THICK PS2 and the network adaptor that was made to work with it.  The porblem there is finding one with a good lens.