Re: What's the best way to play...

You could try and buy a mod chip for an gamecube, xbox, 360, PS2, or PS3 but that seems lame.
If you have a Dreamcast lying around and don't mind possibly making a few CD coasters then that would be the best choice.
I heard the PS2 can emulate SNES-Station without modding, but I'm not sure.
The Wii might be able to run emulators if you set it up first with something called The Homebrew Channel or through the Twilight Hack.
You might be able to make Bootable miniDVD SNES emulators for the Gamecube as well.

I suppose if you have a PSP Slim with Custom Firmware, you could install one of the NES/SNES/Genesis or whatever emulators for the PSP and then use the PSP Slims Tv-Out function to project it to the TV.

I've only emulated NES games on the PS1 with a Game Enhancer plugin utility, so I can't really confirm any of this.

I've heard of a few methods - one of which is getting a Dreamcast and burning emus and ROMs to a disc, and the other is to mod an old X-Box.

Does anybody know of any other methods?