It was released on the PS2 & Gamecube, and it uses the AKI engine used in games like WWF Wrestlemania 2000, WWF No Mercy, WCW/NWO Revenge, etc. It (obviously) features hip-hop artists like Ludacris and DMX, oddly enough, but it's a hell of fun, I still play it to this day. It did have a sequel for the Xbox, PS2, and Gamecube, but I was never able to get it.
I heard it's a lot deeper gameplay-wise, incorporating more fighting elements into the gameplay. I watched the story mode on youtube, and it's pretty good. Guys like Snoop Dogg, Busta Rhymes, Method Man, etc. provide the voices for the characters.