Yes, MacMame can do it. http://www.macmame.org/

That depends on "arcade". The ones you would literally walk into an arcade to play (Pacman, Mortal Kombat, ect)? Or just some old classics like Super Mario Bros. or Chrono Trigger? Either way has options I'm sure. You see, if you're looking for the classics made popular in arcades, most of those games were ported to an SNES or Sega back in the day, so what you would actually do, is look for a Mac emulator that will emulate the platform the game that you were looking for was on. Did that make sense? So if you're looking for Super Mario Bros. which was on the Super Nintendo, then you'll look for an SNES emulator for the Mac. The most well known SNES emulator is the emulator called SNES9X. Google it, and make sure it's the Mac emulator you're downloading, it might be for the PC as well, so make sure it's a .dmg you download. After that, look for a ROM for the game you want to play. So, again, if you're looking for the Super Mario Bros. then Google "Super Mario Bros. ROMs". Any ROM you download will work regardless of Mac or PC, so it only boils down to making sure you have the right emulator. If you need any further help, feel free to email me.

HAVE NOT TRIED TO FIND AN ARCADE EMU YET BUT THERE ARE MANY NINTENDO EMU TO LOCATE NES,SNES,N64,GBA,ETC ETC THEY ALL SEEM VERY STABLE ON THE MAC SO FAR - WHEREAS ON MY PC I ALWAYS HAVE THE GAMES FREEZING AND CRASHING