We reported about the GameBoy emulator, which will be released in couple of days, a few days back. Now we came accross this XDA thread, where Silverlight dev. Nudua is building a NES emulator called VNesLight for Windows Phone 7. He has already ported popular Java NES emulator VNes to Silverlight 4 and is taking it a step further to make it work on Windows phone as well.