Not really, but Dead to Rights is about as close as you can get.
Tekken makers Namco are briging “bullet time” sequences to the PS2 in Early 2002. Apparently hitting the jump button gets you a jump, but a double tap gets you slow motion, with a held double tap slowing the action even more. Jump off of a balcony in slowmotion, lock onto 3 characters, one at a time, take them out, roll across the ground, reload, and do it again. Hopefully the game will be as cool as it sounds and looks.
Click on the pics for the full sized ones over at PS2.IGN.