As-salaamu Alaykum
Adding to the conditions stipulated in the link given by brother Haroon, Video games are slightly different to board games in the sense that they include music and at times immoral images.
If the lack of such vices are assured either due to the game not having them or due to unyeilding staunchness in not allowing them then it is difficult to give a Haram fatwa on time-wasting alone.
Undoubtedly, it would be inconceivably better to not indulge in them especially if they are useless or promote immorality.
Games like grand theft auto, doom, Unreal tornament etc are extremely detested and border close to Haram as their most lenient ruling, whereas games such as football, racing etc acquire a more lenient ruling of Makrooh (provided no music),
Other games (like in the first answer by Mufti Muhammad Kadwa) which are educational can sometimes help children learn and are thus helpful (sadly these are not really found on the ps2, xbox, cube etc).
It would be better for you not to waste time on them, and if possible sell them to a person upon whom the laws of Islam do not apply, (i.e. non-Muslims). (The money earned if sold to them is not Haram).
Allah knows best.
Was-salaam
hew