Is there a VGA output cable available for the ps3?

nope.

your monitor would only work if it was hdcp enabled.

in which case i dont know of a single hdcp enabled monitor who doesnt have hdmi or dvi.

You probably could if you used Y, Pb/Cb, Pr/Cr.. It works fine for me.. Although that's a projector.. I'll give you the links for what you're searching for.. :)

It's basically just a switchbox, where you take in the component HD or even HDMI (if you want to buy a expensive switchbox) and then it output the signal to a monitor...

http://image1.play-asia.com/350/PA.63604.002.jpg - a picture of one from nvidia, I believe.. It's called a YPbPr to RGBHV Adaptor.. Hope your local EDB shop can find one ;).. The one I linked is one of the more expensive ones, however, you can easily get an anolog small one, which I doubt will cost you more than 50 bucks max.

Hope it helped =)