AMD Duron 750MHz
256MB RAM
1.44" Floppy Drive
CD-ROM Drive
Soundblaster 16 ISA
ATI Xpert2000 Pro - 32MB AGP
10/100 Ethernet Card
Mid-Tower ATX Case

This turned out to be a nice solid configuration. I initially ordered a Soundblaster LIVE PCI, but couldn't get it to work with MAME at all. I started rummaging around my spare parts and stumbled upon an old Soundblaster 16 ISA card I had. It worked without a hitch. I also decided to mount everything in a case. This only added about $50 to the project and creates a much cleaner space in the cabinet.

I purchased a pair on Boston Acoustic speakers and put them on my wife's computer and stole her Altec Lansing speakers with subwoofer. No, she didn't know the difference. I proceeded to gut the speakers and figure a way of mounting them, and the volume control so it would be easily accessible. I ended up mounting the tiny speakers up above the monitor (covered by cheesy Radio Shack speaker grilles) and extending the wire to the speaker amp/volume control which I placed inside the control panel. It worked the first time and sounds great.