Very Cool Jamie- Hope your family enjoys.
As others have stated the PS3 should come with a composite video (yellow), RCA left audio ( white) RCA right audio ( red).
The component will give you much better PQ. However, the PS3 set-up is best with HDMI ( I think that is a purchase cable same as component) so get a new TV
as Adam suggested.
Also, if you are going to use the PS3 for DVDs and BDs it is better to get the optional controller that has some semblence to a "normal" DVD/BD controller.
Good Luck!
Forest Man