Anyone know how to hook up a ps3 and 360 to one TV?

So, fellow gamers, i have a 42 inch High End plasma TV in my basement. I have an Xbox 360, and- Hopefully- My Girl is getting me a ps3 for christmas. Is there some kind of "special" device that allows me to have both consoles hooked to my TV, so i can switch one on, turn it off, and play the other?

I know it sounds a little confusing, I'm not the best "typer" on the planet, but if someone knows what I'm talking about, please help me out. Thank you.:)

Your hdtv doesn't have 2 component cable outputs on it? I find that shocking. My hdtv has 2 component outputs and an HDMI output. If you have either setup I suggest you don't buy the component cable converter.

The way I have my setup is this. I have my Wii and PS2 hooked through both component cables outlets, my XBOX 360 on my VGA output, and my PS3 hooked up to my HDMI output. I literally have no room for anything else. If I can hook up all of that on my hdtv, you'll be fine with the XBOX 360 and PS3 with yours.