Tried with Tekken 3, it works, slow, but works. May be I need to overclock a little more (currently 710MHz) to make it work reasonably.
Anyone else tried and which game working smoothly ?
EDIT: O.K. With CM7 RC1 installed without google apps, JIT enabled, overclocked @768MHz and only FPse PS1 emulator app with 15 fps skip setting (for android) installed (trying to simulate gaming ROM for HTC Wildfire), the following games are tested and found satisfactory run:
1. Tekken - found running O.K.
2. Tekken 3 - found a little slow (but playable)
3. Gran Turismo - found playable
4. Digimon world - To be tested (as reported by ms_green)
5. Moto Racer - Full Speed with sound (After enabling boost mode)
6. Final Fantasy VII - Full Speed with sound
7. Tony Hawk's Pro Skater - Full Speed with sound
8. Quake II - Full Speed with sound
9. Tenchu - Stealth Assassins - Playable with sound
10. Mortal Kombat 4 - Full Speed with sound
11. Moto Racer 2 - Full Speed with sound (After enabling boost mode)
12. Moto Racer World Tour - Playable
13. Mortal Kombat 4 - very smooth (40-50 fps) as reported by @Was3k
14. Pro Evolution Soccer - playable (20-25 fps) as reported by @Was3k
15. Mortal Kombat Trilogy - very smooth as reported by @karl23koch
16. Motorhead - playable (30 fps with JIT enabled, @730MHz, sound OFF & boost mode)
17. Metal Slug X - very much playable @40 fps as reported by @ziemjak
Additionally, switch to Airplane mode and enable Boost Mode from system.
I'll add the games in above list as I test them.
Note: Only one mode can be enabled at a time, either HLE or Bios mode (if HLE is not selected, it is bios mode) and in bios mode only, Boost Mode can be enabled.