I just bought 2 new motherboard and processor combos, plus 4GB (2x2GB) of RAM for each for $400 out the door, and $30 back in mail in rebates from MicroCenter. You could probably get a case, dedicated video card, power supply, and a hard drive for another hundred. So, for about $300 you'd have a new, current generation computer. If you can put your copy of Win7 on it that would save you another $110. Heck, you could harvest the hard drive from your current PC if you wanted to, and the motherboards I bought both have decent onboard graphics so that should save you another few bucks. I'm pretty sure Dolphin (GameCube and Wii emulator), and Model 2 can utilize multiple cores. As for the 64bit 32bit thing, the only difference I notice is that Windows is able to address all 4GB of RAM in the 64 bit version. There seems to be little perceived difference, to me at least, between the two given the applications I am using.