The answer is yes, with PCSX2. But the requirements are steep. First of all a high-clocked dual-core CPU is almost a necessity (4800+ X2, E6700). Even with a super fast single core, e.g. 3.66GHz Prescott, the emulation is slow to the point where the emulation isn't really effective. Also a real fast video card helps, since to my understanding most everything special that the Graphics Synthesizer does that is not the norm to PC equivalent fixed-function chips do are emulated in shaders. Not to mention the GS is a 16-pipe chip. I've seen the emu run Resident Evil 4 on a friend's dual-core FX-62 + 1900XT setup slapped on a 1080i HD TV, and I've never seen the game look so good. It's possible, but not cheap.