Will this work?

[amyren]

Picasso II ---> VGA to DVI cable ---> DVI to HDMI adaptor ---> LCD TV

Seems like it should work, but i'm sure that would be far too straightforward

As already stated in the other replies, that wont work.

If you are willing to pay a little more, you could use a VGA to HDMI converter.

http://vgatohdmi.com/VGA-to-HDMI.php ($90)
http://www.cableworld.no/hdmi-tilbehoer/vga-til-hdmi-converter/vga-til-hdmi-converter.asp ($150)
http://www.dealextreme.com/details.dx/sku.29769 (this is only $46 incl shipping, but note that one user have reported sync problems when using 1080p resolutions)

Also if resolution is not the main issue, there are VGA to Video/S-Video adaptors for $30 at dealextreme.