Playstation Home

in the new beta, it seems you can start up a disc-based game as a party. Has anyone confirmed if this means an Ad-Hoc Party equivalent to PS3 games? I managed to start up Tales of Vesperia (JP import lol) through PS Home, and was wondering if this means acting as a host for someone else to play my 2nd, 3rd or 4th character(s) as if they were playing locally. Any insight on this is greatly appreciated :)

If this will be possible, then i will ask someone to let me play MW2 with him/her just to see what kinda game this is. Can't spend 60 Eur on it.