The police are probably not gonna bother to come down there and arrest you. Its illegal, but I prefer to go by the morality rule and download stuff thats not easily obtainable (no re-releases, no digital downloads, all used copies are overly expensives). Pretty much the same kind of guidelines Abandonia follows.
EDIT: When it comes to roms (and BIOS files too, If I remember correctly), the legal way to emulate them is to make a rom (or BIOS) dump by yourself. Using someone else's files is illegal. But again, I apply the morality rule.
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