I found this on another site, but i knew people would be wondering how to disable it.
 
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 In the folder Mass Effect 2\BioGame\Config

Open DefaultEngine.ini

Scroll down to [SystemSettings]
Change UseVsync=True to UseVsync=false

Scroll down to [Engine.VSync]
Change ForceFullVSync=True to ForceFullVSync=false
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These settings are about 3/4 of the way down the page.
I found 2 vsync settings, he only mentions one.
 

If you do that some of the better effects like Motion Blur won't work, as they depend on Vsync.  I get a steady 60fps using a 9600GT. 

Yeah I noticed that. Motion blur gets slightly fubared, but I favor 60 FPS over MotionBlur. SeriouslyNow..what CPU do you have? I have a 8800GT and I don't get a steady 60FPS with VSync ON.
 
Also, it seems you have a different version. I have GamerSettings.ini in my config folder and no standard Unreal Engine config files like DefaultEngine.ini. In my case I need to add  UseVsync=False to section [SystemSettings] of file GamerSettings.ini

" If you do that some of the better effects like Motion Blur won't work, as they depend on Vsync.  I get a steady 60fps using a 9600GT.  "