Not possible now, but once linux can run unfettered on the GameOS we may be one step closer. We will still need some talented programmers to create GFX drivers and/or OPENGL support for the GFX chipset before we might have enough 3D speed to emu the PS1 or N64 on PS3 i believe.
Right now i run 34+ older emulators on OtherOS YDLinux on my PS3 from the thezerogameproject.com, but you currently need fw 3.15 or lower. These linux advances will hopefully lead to running this on the PS3 with newer fw and full GFX hardware driver support some day, then maybe be able to run these newer game platforms. Still a way off from that as of now though..
my slim ps3 is on 3.41 dongle.. i thinks this is great but i'll wait till i see some more feedback i think.. i don't have any linux os anyway.. i want to get ydl from somewhere but i can't find it.. anyone have links to where i can BUY this..