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Jnes is a NES emulator for win32 platforms that uses DirectX for it's hardware interface. It's emulation capabilities include graphics, sound, input devices, and emulating quite a few memory mapping boards found in most USA games and a few popular japanese ones. Jnes boasts a fairly intuitive user interface that makes playing NES a little more enjoyable. One of the coolest features is the included database of Pro-Action-Replay and Game Genie cheats.
For those of you who enjoy netplay Jnes supports Kaillera online gaming.