It’s more likely than you think!
http://toadking.com/retroarch/index.html
Spent the last two days working on this, and got surprisingly far. Video seems to vary by browser (Firefox Nightly sits around 59 FPS while Chrome gets closer to my screen’s refresh rate of 59.98) and audio is not in for now, but this pull request in emscripten looks promising: https://github.com/kripken/emscripten/pull/1136
The real kicker will be how well it performs when I actually get something running on it.