No it's not. Changes were made to the DMCA a year
ago with a sub-section that stated if a game/software product
was to use specific hardware and providing said product and
hardware were not readily available in the marketplace that
one could own the roms for preservation purposes.
If you're talking gamecube, xbox or ps2 you can bet your
ass it's jailtime. If you're talking NG then we are talking
about a now officially non-supported format which is
and has been dead in the marketplace for years
and either through emulation or AES/MVS it does require
the specific hardware or emulated version thereof to play.
Feel free to search the net, this is common knowledge
now to most IP attourneys and game developers.
