I started playing Final Fantesy 7 on my roomates ps3, 20 hours in and he decides hes moving out. So I can obviously take the data using a thumb drive. However I only have a playstation 2. Is it possible to transfer ps1 data from a ps3 to a ps2?
Yes you can. There are USB memory card adapters available, I own one, and use it to back up all my PS2 and PS1 save files onto my PS3.
Here's an example:
But you do need a PS1 memory card and a copy of Final Fantasy 7 to use your save file.