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Alby_da_Wolf said:

*cough*

In most countries emulation isn't automatically illegal: as long as you own a legal copy of a game, you can run it on an emulator.
The emulator itself can be illegal if it copies 3rd party firmware without permission, but it's legal if it contains an independently developed functional equivalent.
And there is more about this latter issue too. In some countries it's legal reverse engineering too, with more or fewer limitations: http://en.wikipedia.org/wiki/Reverse_engineering#Legality

But in the end: emulation isn't a priori illegal.

I know that in the US it is illegal whether or not you own a legal copy of the game (but not really something you would ever get in trouble for), but beyond the law, I certainly don't think it is something members of the gaming community should condone. If you emulate/pirate, keep it to yourself and don't encourage others to do the same...