After years of questions such as ‘can we run Metal Slug on the DC?’ it looks like it may be possible (just not in this forst release) coming from among others ian micheal.
To quote from his site:
‘I started porting the NEOCD/SDL to the Dreamcast on Tuesday, Mar 16, 2004. This emulator is in the early stages of production, so to speak. The Original NeoCD(DOS Version) is by Martinez Fabrice, and The NEOGEO CD SDL port was done by Fosters (SDL portions written by Fosters(2001, 2003). There is no sound yet in this beta.
All people who are part of the team deserve the same amount of credit for getting this baby up and running!
They are: (in no particular order) Fosters, Ian Michael, Troy Davis (GPF), BlackAura, and BlueCrab.
Portions of the code is released under LGPL.

I cannot stress enough to READ the README. The information you need is in there!’
Be aware the analog stick is very sensative in this release, Only the smallest of movement is needed. In other words: you CANNOT just push hard in any direction. If you do that, it will fail to work. If you cant stand the super sensitive analog stick controls: use the keyboard..
Get from here