Step 1: Make a pluggy port to hook it into your emulator system (i.e. all your cables and everything bound in a slightly slacked bundle to plug easily, and a nice mount for it to sit/hook into while playing to look nice and everything.
Step 2: Use it as such as you wish.
But since you have an IR camera on it... have a separate mount for it, that can sticky places. (with the IR camera.) Also maybe a usb speaker or something. Write a program for it that, once activated, powers on the IR, and waits for a solid 1/2 second or so signal. (resetting with each run, or wait 10 seconds to use last config). Proceed to sticky it to the back of your friend's TV, and set it to use a random button on the remote.
Make it do shennanigans when that button is pressed. - make a noise, send a notification somewhere, whatever.
I'm pretty sure the Pi will accept a USB power, and most TV's nowadays have USB ports, so it can even be powered by the TV it's messing with.
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Other neat uses include:
Using it as your own personal server (It's powerful enough to use for many games that do calculations and stuff client-side, where the server just functions as a router for it all)
Make a 'Netflix and Chill' button - press button (or on remote for bonus points) and it sends to your tv to give it control, accesses Netflix, and dims lights and stuff. Netflix has their procedure on their website.
Use it as a home controller instead of the expensive things from Staples or Best Buy. With sufficient programming knowledge it can even feel intuitive and work from your phone as well.
Run Dwarf fortress (May require a flash drive or two to actually store DF. Works significantly better on .34 and small population caps and embarks- no active world stuff and small trees really help with fps death, especially with such a little bugger.)
Make a tank- it's got the ports to drive wheels and launch rockets from one of the little usb rocket launchers, and since you're already wireless, you could make an app or program on your PC to control it. If you really wanted, you could even make it controlled by your tv remote (since IR camera).
NOTE: some of these suggestions may be using a definition of IR camera that is not the same as the IR camera you have.