I have been able to do it, but only in certain PC's. My deskopt at home, does it, however my deskopt at work does not.
Both of them are custom built by me, the only difference is the motherboard. My home PC has an Intel MB, forget the model, and the office one is a generic brand MB. Mice are both the same. Genius PS2 mouse with scroller. Although the one at home also has a Microsoft USB Optical trackball plugged in. The PS2 is there because my girlfriend doesnt like the trackball when she plays solitaire.
Anyway, i can unplug the PS2 and plug it back in no problems. But at the office if I unplug the mouse, i have to either plug in a USB or serial, or reboot the PC. It does not pickup the PS2 mouse after its been disconnected unless I reboot.
I don't have a definite answer as to why, except to say the different brands and models of MB will support it while others wont.
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Ignorance is not necessarily Bliss, case in point:
Unknown has caused an Unknown Error on Unknown and must be shutdown to prevent damage to Unknown.