Is it possible to play a Wii on a laptop screen (via USB)?

I will be without a TV for a while this summer and would like to be able to play Wii games on my laptop's screen. I have a Lenovo T61 Thinkpad (14.1" widescreen, integrated graphics, USB/firewire/PCMCIA inputs, about 1 year old). From what I can tell, there are two separate issues:

1) Getting a converter that accepts the Wii's composite video output and outputs via USB/firewire/PCMCIA.

2) Doing the above with acceptable lag.

I've been getting a few questionable products that claim to do the above via Google, but the reviews seem mixed. Do any of you have experience with this kind of "console on a laptop" conversion? Is the quality acceptable? Should I just give up and buy a pack of playing cards to kill the time? Are any of the good products available at Fry's (the closest store likely to have obscure technology)?

I play my PS2 on my PC through an Adaptec Gamebridge. There is a small amount of lag which hasn't hindered me playing Burnout, Ratchet & Clank, Shadow of the Colossus. I have noticed it affecting my gameplay in Guitar Hero.