A Nintendo 64 emulator has been released for the new iPhone 3GS and iPod Touch but only if they've been jailbroken unfortunately.

Gizmodo posted a story about an iPhone developer who has released an N64 emulator for a jailbroken iPhone or iPod Touch. ZodTTD has released a video that shows Super Mario 64 and Mario Kart 64 working on the emulator but it looks a bit sluggish at the moment. As stated in the article, this is the usual progression of all emulators at first but it definitely shows promise. It takes advantage of the Bluetooth support and that allows you to use a Wiimote to control the games. On paper, this seems like an awesome emulator but we will just to see how the development progresses. Right now, it will only work on the newest iPhone and iPod Touch only because they have the power to play some but not all of the N64 games. ROMs are not included with the emulator for obvious reasons and it will cost you $2.50 to get your hands on it right now.