This can be done, although it is not going to be easy. First you are going to have to find the manufacturer and model of that monitor. You are then going to have to get a wiring diagram for the connections on it. Since this is a standard VGA slot, you will only have to use the standard pin-out and wire an end adapter to the monitor. Finding drivers that work however and getting it out of 16 color mode will be your job. The next thing to do would be to wire the Joysticks and buttons to standard PC... this is probably best done with a couple sacrifical PC controllers. Take them apart and see what wires go to what, wire the end adapters on to the Arcade joysticks... this is not going to work perfectly, and it may take you a few tries, but with a little work the computer will see the two arcade joysticks as a computer device. After that it is just a story of wiring the sound system, which will be the easiest thing to do. This job is going to take a lot of work and patience. Oh an yes, this has been done before, and yes it works quite well... actually you can get a Dynamo cabinet with a similar setup(Pentium 3 500 128MB of RAM, 10GIG HD, 32 CDR) for around $3000 new. So if you can get this thing up and running, you have a pretty nice machine on your hands that can be sold for a good price if you choose. Anyway, good luck,
-Nick