I reccomend getting a decent graphics card.
After that it should be able to handle most heavy titles if not all.
The reason im emphasizing on a decent graphics card is because I bought a third gen core i7 laptop with a nvidia dedicated graphics card for 65k and then i realized that you dont need an extremely powerful cpu for gaming. Gpu is more important.
I can run most titles of 2012 and some of 2013. E.g Need for speed most wanted(2012) runs smooth on high performance settings but NFS Rivals (2013) on low performance settings starts to lag after 20 minutes or so because the gpu is good but not amazing.
Still i can run most games like
1) COD Black ops
2) black ops 2 ( a bit laggy)
3)NBA 2K14
4)Fifa 14
3) COD MW3
4)NFS Most wanted
5)NFS Rivals(laggy; still finished it)
And a few others i cant remember
So you should be able to run more titles. E.g Bioshock Infinite, GTA 5 with a dedicated graphic card
So an investment of 20k on a graphic card is justified imo
Use gpuboss.com to find out a decent card
As far as emulators are concerned i cant help you as i dont use any. All i play is NFS 