i used to use BLEEM! But it only works for certain games. SF alpha 3 worked AMAZING on it, but I remember 3d games were really choppy. then again this was probably close to 10 years ago so i probably shouldnt be talking in here.
you can get PS1 mad cheap i have a japanese one i got it for about 20 bucks 4 years ago in japan cause im pretty sure it is hard for pc to emulate psx exactly cause it is even hard for pc to emulate certain super nes graphics well it took them a long time to perfect it but again i may be completely off target on this one.