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Captain_Yuri said:

"$500 and Gaming Laptop" don't exactly match. The cheapest one that I can find that can be considered a super entry level "gaming laptop" is

http://www.newegg.com/Product/Product.aspx?Item=N82E16834890015

But that costs $699

Personally I would recommend something higher like 970M but thats not really that cheap.

There is also this one but I wouldn't recommend it personally

http://www.newegg.com/Product/Product.aspx?Item=N82E16834154113

The first one is on sale for 3 days.. It's actually 1000 dollars, not 699.. Well, 700, if you get it now... Which is a steal, omg, my 600 dollar laptop doesn't compare.

But, yeah.  Don't buy gaming laptops.  They're too grand to even be called luxiourious.  You're not going to need that kinda power on the go.  And, if you are (and you wont) you're not going to have sufficient ways to keep the thing powered on.

Also, for everything you get in a laptop, you can get better.  50% less in a desktop.  You'd be better off just building a PC. 700 dollars, after you've bought everything, except a graphics card.  The graphics card will run you another 500-700 dollars.  Or 250 for a cheap one. 

You can't be cheap, but someone else has to build it, and it has to be a mobile laptop, and capable of gaming.  You'd do better asking someone to just buy you a PC for christmas.

Not even sure how to go about the emulation, as I only play on the consoles and swore off emulation.

But, then again, if you're looking for a good laptop that's less than 1000, but closer to 500, you cant do better than the 699 PC in the link in the quote.