nope Apparently, the lights aren't off yet for the Xbox and Halo 2. A group of players, rapidly shrinking, figured out that as long as they maintained a constant connection to Live and Halo 2, they could keep playing. Once the connection is lost it cannot be restored.
Of course, Bungie could have shut down Halo 2's matchmaking backend, but that isn't Bungie's style. As of writing, 12 players remain as the player population dwindles toward the inevitable zero. Players are clipped by overheating Xbox consoles and Internet outages, but it appears that they will keep it going as long as possible.
The Xbox 360 beta for Halo: Reach--the latest entry in the franchise--begins today for Friends & Family key holders and on May 3 for owners of Halo 3: ODST.