Can any hardware of it be upgraded for better preformance? Any new emulators coming out like SNES and ps2 games since I heard about the n64.

None of the hardware can be upgraded at the moment, but with the guys out there, never say never!

Saying that a PC DVD drive can be ADDED to the box but I dont think it counts as a 'performance upgrade' per-say, but it can allow better CD-R reading. (If you want more info, look for marvelguy68's post titled 'Just did the dvd swap trick in my xbox!!!')

I read somewhere on this forum about a mod to add another dvd player that way you could use cheap cdr media.

your supose to be able to upgrade the ide cable which speeds things up, you have to find an uncut ata100 cable though, saw this on a website but i can not remember the address.