I just received this email from David Tucker, author of the Reality Boy emulator: "Porting realityboy to the wii is on my todo list. I am about 90% done with a port to the xbox. From there I need to take care of the little endian issues and it will be ready for the wii. Right now I don't have any time to work on this but I am hoping to be able to organize my code and post it to sourceby TheOtherMii - Offtopic
I know I know... worst system ever. I'm sure this has been brought up before. But the thing is, the tools now seem to be in place to make it happen pretty easily. If I had the time, I'd probably try it myself. With the DOS box around now, and the original Realty Boy emulator being coded in DOS, all we would need is a GUI, some Wiimote / Nunchuk / Classic mapping, and a pair of red and bby TheOtherMii - Offtopic