An anonymous developer has released a proof of concept video showcasing a Nintendo DS emulator which he has ported to the PS3. The emulator is still in the early stages of development but runs extremely smoothly, however, it does lack sound. The developer is labeling the emulator as being in the alpha stage of development.

It is running very smoothly. I loaded up some games and they all played fine with the exception of the sound, which is not working in the current build.

News Source: Here