One online community of hackers is doing just that and it is called the RetroPie Project.

The project uses Raspbian as OS at the bottom and integrates a large set of emulators for well-known computer systems from the past, such as Atari, Sega and Playstation.

The aim is to make the screen graphics as authentic as possible.

The key to the process is the RetroPie Setup Script, this is software which installs and configures the system.

There exists an SD-card image with a complete installation by the RetroPie Setup Script that comes with all supported emulators and functions.

There is also the RetroPie GPIO Adapter for connecting game pads to the Raspberry Pi module.

The ControlBlock is another more advanced module that provides functionalities for reading various controller types as well as a power switch.

The project team has just released RetroPie version 3.0.

You can find the download of the RetroPie image in the downloads section.

Installation Instructions can be found at Github.

RetroPie 3.0 Key Features: