"I started porting the NEOCD/SDL to the Dreamcast on Tuesday, Mar 16, 2004. This emulator is in the early stages of production, so to speak. The Original NeoCD(DOS Version) is by Martinez Fabrice, and The NEOGEO CD SDL port was done by Fosters (SDL portions written by Fosters(2001, 2003). There is no sound yet in this beta. Portions of the code is released under LGPL."
This were the first lines of the readme of NEOCD/SDL, the first NeoGeo CD emulator for the Dreamcast. But please notice the main issue of this release: The analog stick is super sensitive, means you can't just push hard in any direction.
Check out the official website here:
http://imrtechnology.ngemu.com/emulators.htm
http://www.dreamcast-scene.com/index.php?id=61