So would be a car full of cocaine.
That's why emulators are distributed without ROM images.
Hm, i wonder how bleem! handled this. Did they replicate the function of the BIOS in their program?
If memory serves, bleem! dealt with stuff on a per-game basis - or at least, that's what they told their customers, if I remember right (yes, I bought a copy). (And Connectix's Virtual Game Station reverse-engineered the BIOS, if I recall correctly.)