Sony PS3 HDMI to DVI on monitor help

Hello, i am going to purchase a PS3 soon and the only way i will be able to play it properly will be to link it up to my moniter (which i think does not support HDMI) but the VGA cable costs £20! but i rather spend that on Killzone 2 ;) so i found out that a HDMI to DVI cable is much cheaper (£3) but my monitor is not HDMI but i saw a video on youtube of someone who used the cable to make it work on a non HDMI monitor and used the RCA cable to play sounds through his speakers.
but my monitor does not have a DVI cable so will it still work if i use a DVI to VGA converter?

Thanks :)

in short will a HDMI to DVI cable connected to a DVI to VGA adaptor work if i use it on a non HD monitor?

Thanks but will the picture come out with a gimped image ot will it display good?

i tried hooking the PS3 up to my monitor with a HDMI to DVI cable and nothing would display... not sure with the latest firmware I should try it again.bpw8

Yes i heard this happens, a video on youtube said you have to keep holding the power button on the ps3 untill it comes up or you have to set it from the settings menu on the ps3