Thanks for the recommendations.
I am much more familiar with standard console emulators than Arcade Emulators, so I’m glad to get some good advice on which ones would work best for a home arcade machine.
I have added the ones you mentioned to my notes. My system specs are not incredibly high on this first system. Mainly because I am working on a budget but also because I am trying to build a smaller profile system.
Motherboard - INTEL BLKD945GCLF MITX ATOM CPU
Memory - Crucial Technology 1GB DDR2 PC2-6400 240
Video Card - EVGA e-Geforce 6200 PCI Graphics Card
Hard Drive - Western Digital 5000AAKS 500GB SATA II 7200 RPM 16MB
Power Supply - AGI 350W P4 Power Supply W/2 SATA Connection
Operating System - Windows XP Home OEM SP3
Montor - ACER V173B 17″ LCD Monitor
I figured this was a pretty decent setup for my first DIY Arcade System. After researching it more and checking out some of the other projects people have done, I already have ideas for other systems I would like to build in the future and I will probably create a more heavy duty hardware setup down the road.