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So first update the emulator then next step, house a raspberry pi in a reproducted shell and create your own nintendo playstation hardware?

Isn't the point of this to get the existing hardware to work?

Also, how is a Raspberry Pi (hardware) going to be reproduced in a shell (software)?

I must be misunderstanding something here.

I took it to mean a plastic shell around the pi (hence "housed") to make it look like the real deal.