This has been debated over here before. let's just say that some games (not many) are fairly playable if you have a good computer. Dual core is a minimum. Intel cpu's is said to give the best results but AMD also get the job done if it's fast enough. Other than that you need a good graphics card (not as important as a good cpu though) and 1GB ram. (probably 2 GB if you're on Vista)
The best (and only) emu out there is PCSX and can be found here. The site also have a compatibility list where you can see what games might work. But you should really be prepared to be disappointed since it is very much a work in progress.
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