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Actually, the law is very shady.
Could Nintendo sue you? Yes. Would they win? Maybe, maybe not.
There is a lot of grey area, mostly because the law has never really been tested because Nintendo doesn't want to waste money suing people over playing games for a system they stopped making 5 years ago. They would much rather focus on someone creating roms and such for the Gamecube.
So, in the end, go about it at your own risk. It is extremely, EXTREMELY, unlikely Nintendo will ever prosecute someone for NES/SNES ROMs, but it is still possible.
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One day an Englishman, a Scotsman, and an Irishman walked into a pub together. They each bought a pint of Guinness. Just as they were about to enjoy their creamy beverage, three flies landed in each of their pints. The Englishman pushed his beer away in disgust. The Scotsman fished the fly out of his beer and continued drinking it, as if nothing had happened. The Irishman, too, picked the fly out of his drink but then held it out over the beer and yelled "SPIT IT OUT, SPIT IT OUT, YOU BASTARD!"
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