54" HD TV (Craigslist for 600$)
Wii (Guitar Hero 3 + Super Mario Galaxy + Resident Evil 4)
Xbox (All the classics, Amped, Halo 1&2, lots of other good ones)
N64 (Super Smash Bros, Mario Kart, Mario Party 1 & 3, Mario Tennis, Bomberman 64, more classics)
Bam!
My friend has a 100+" HD projector and surround sound, so we usually game over there. Plus he has a separate room from his house so it's dank. He's got the works...