A couple of days ago, a new emulator called Picodrive was announced for the S60 smartphones. This emulator allows you to play your favorite Sega Megadrive/Genesis games on your N-gage. Until now the emulator has improved multiple times.
It features an almost perfect framerate, fullscreen gaming, multiple button pressing and adjustable buttons. The only thing missing now is a save and sound function.
Seeing how the development is going, I wouldn't be suprised if this would be possible next week.