Hello there. I am a newbie, so please don't be too harsh or insulting if what I am about to ask is old hat. I have heard rumors that it is possible to play Capcom vs. SNK on the Kawaks emulator, but I have also heard that those rumors are bogus. So, I am curious as to whether or not this is true.

Not Capcom vs. SNK but SNK vs. Capcom can be played (yes, there is a difference).

Capcom Vs. SNK: Millennium Fight 2000 runs on NAOMI arcade hardware, and it was also ported to the Dreamcast and the PSX.
SNK Vs. Capcom: Chaos is a Neo-Geo game, so yes, this one can be played on Kawaks.

Unless you're talking about SNK vs Capcom for the Neo-Geo Pocket ^^

Ah yes. An excellent game I might add.