via http://www.emulation64.com/

Citra the Nintendo 3DS emulator has made alot of progress lately, and has posted a video of it playing Cave story in game on youtube.
With tons of changes over the past month, Citra is now booting several games! While it's still slow (Citra is running a software renderer and CPU interpreter) the game appears to be fully playable and even completable! Feel free to check out our official website at http://citra-emu.org/

Citra currently does not attempt to emulate sound, so music has been added to the video.

See the vid .