Depends on what exactly.
Emulation Software and ROM Data Dumping Software/Hardware is legal in most places.
The mess is the legality of the copyrighted ROM data that was dumped. There is a good number of laws that can cover this topic, and its confusing. But one thing is clear, the sharing of copyrighted properties without the consent of the owner is illegal. This means via Web-sites, Web-storage (rapidshare, megaupload, etc), Peer to peer transfers (Limewire, Frostwire, Torrent Protocol, etc) and any other way to share data between people. Its illegal.
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