Originally Posted by
Virii
If you are going cheap, then yes, a single core cpu like a Pentium 4 would be cheaper. A basic graphics card like the Nvidia series would be anything below the *600 lines, so a 8200/8400/9200/9400 would be dirt cheap as well. The highest amount of ram needed for your basic 32bit OS would be 3GB.
My recommendation for super low cost (~$200);
CPU: Pentium 4 (3Ghz to 3.8Ghz)
GPU: Nvidia (8400 or 9400)
RAM: 3GB (DDR2 or DDR3)
PSU: 350 watt or higher
This will allow you to play at pretty much fullspeed... NES, Genesis, Snes, MSX, PCEngine, SegaCD/32x, DOSBox, PSX, Saturn (some games), N64, Dreamcast (some games), pre-2006 PC games. This will not emulate the following PS2, Gamecube, NDS, etc... very well.
If you can spend a little more money, throwing in a Nvidia 8800/9800 would upgrade it to a Saturn, Dreamcast, PS2 (some games), pre-2008 PC games, capable desktop PC.