You can do the ROM and emulator idea and its completely legal if you actually own the games that youre going to be playing.
You can also get a TV tuner for you computer, and plug the video into that and it'll show up on screen. You wont have to get a TV tuner if your video card has a video-in plug, if not you'll need one. For sound you'll have to get a plug that converts the Red/White audio cables into the standard 1/8" stereo pluggin and then you'll have sound. The TV tuner you can get off of NewEgg, and the converter at Radioshack or something.
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