If it were up to the ESA, modifying my old NES is illegal. Image from Wikipedia.
Do take note that this only applies in the US. The fate of other countries is not yet known.
Modifying games is illegal even if you own them, according to the ESA. They have stated that this is a form of hacking and should not be tolerated by the law. Preserving old games? That's illegal too! That's what the ESA says apparently. This means that ROM Hacks and unofficial translations are illegal, according to what the ESA has said.
IGN said:The Entertainment Software Association wants to prevent the preservation of old games because it believes the process of restoring them is illegal 'hacking'.
Now, I do know that piracy is all bad and such but aren't they taking it too far? The said act which is the Digital Millennium Copyright Act’s anti-circumvention provisions (Section 1201) prevents users from modifying games and other forms of media and putting them in museums is illegal. This too applies to other forms of entertainment such as art and books.
Full article at IGN