There is a new emulator rolling around over on the XDA website that will let you play classic Capcom games on your Android device. Called CPSEmu, this emulator happens to be developed by the same people who made the NeoGeo emulator called NeoDroid.
There are a couple of requirements in order to use CPSEmu such as your device will need to be running Android 2.2+ as well as it must have a 1GHz processor of higher stuffed inside your device which most devices already come with. This emulator is also Xperia Play optimized so if you own one, you can use the gamepad that comes with it, otherwise everything uses the touchscreen controls. Tablet owners will be happy to know that CPSEmu is also optimized for those as well.
You will be able to play all your favorite Capcom games such as Marvel Vs. Capcom, Street Fighter Alpha 3, Progear, Mars Matrix and more. Amazingly CPSEmu is available on the Android Market, at least for right now. You can snag a copy of it for around $3.96 and get to kicking some ass in your favorite Capcom games. Please remember though, you need to own the original games in order to use them as ROMs. There are no ROMs included with CPSEmu.
Developer Website: XDA Thread
Website Referenced: Talk Android
Android Market Link: CPSEmu