Play PS3 on my 27" iMac

Hey everyone
I was wondering is it possible to play my PS3 on my iMac 27"
It is the iMac that was released approximately Feburary 2010
I think it had a core i3 processor with a 1TB HDD

I dont want to have to pay $150 AUS for the belkin HDMI to miniDP (Belkin AV360 HDMI-to-Mini DisplayPort Converter - Apple Store (U.S.)) from apple
and i was wondering if i just buy a $40 AUS HDMI to miniDP (Griffin Video Display Converter - Apple Store (U.S.))
will that work to plug the HDMI into it and show that on the iMac screen or does that cable only work to output and not input into the iMac

If there is also an alternate method could you please tell me

All help is appreciated

As far as I know only the Belikn AV360 or the Kanex HD will do the job - and then only in 720p

The griffin adapter you've mentioned is mini DP to HDMI not the other way around.

mrplow is correct